UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 16, 2007
AUDIOVOX CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
0-28839 13-1964841
(Commission File Number) (IRS Employer Identification No.)
180 Marcus Boulevard, Hauppauge, New York 11788
(Address of Principal Executive Offices) (Zip Code)
(631) 231-7750
(Registrant's Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of file
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(e))
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Item 8.01Other Events.
On August 16, 2007, Patrick M. Lavelle, President and Chief Executive
Officer, entered into a written selling program in accordance with the
guidelines specified by the SEC's Rule 10b-5, under the Securities and Exchange
Act of 1934 (the "10b-5 Plan"). Pursuant to the 10b-5 plan, Mr. Lavelle intends
to exercise 200,000 Audiovox options which were granted on September 9, 1999 and
would otherwise expire on September 9, 2009. The 10b-5 Plan, which contemplates
the exercise and sale of the option commencing on November 13, 2007, sets an
initial strike price of $30 per share. The strike price decreases in increments
of $2.00 per share every two months until February 1, 2009 when the strike price
is $19.00 per share and then decreases to $18.00 on May 1, 2009, $16.00 on
August 3, 2009, $15.50 on August 17, 2009 and $15.05 on August 31, 2009 until
expiration. The 10b-5 Plan was entered into in order to facilitate the orderly
sale of common stock for diversification and tax planning purposes prior to
expiration.
The information furnished under this Item 8.01 shall not be deemed to be
filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, and will not be incorporated by reference in any registration statement
filed under the Securities Act of 1933, as amended, unless specifically
identified therein as being incorporated therein by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AUDIOVOX CORPORATION (Registrant)
Date: August 27, 2007 By: /s/ Charles M. Stoehr
-------------------------
Charles M. Stoehr
Senior Vice President and
Chief Financial Officer
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