[ ]
|
Confidential,
For Use of the Commission Only (As Permitted by Rule
14a-6(e)(2))
|
[X]
|
Definitive
Proxy Statement
|
[ ]
|
Definitive
Additional Materials
|
[ ]
|
Soliciting
Material Pursuant to § 240.14a-12
|
|
(Name
of Person(s) Filing Proxy Statement, if other than the
Registrant)
|
|
Payment
of Filing Fee (Check the appropriate
box):
|
[X]
|
No
fee required
|
[ ]
|
Fee
Computed on table below per Exchange Act Rules 14a-6(i)(l) and
0-11
|
(1)
|
Title
of each class of securities to which transaction
applies:
|
(2)
|
Aggregate
number of securities to which transaction
applies:
|
(3)
|
Per
unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11 (set forth the amount on which the filing fee is
calculated and state how it was
determined):
|
(4)
|
Proposed
maximum aggregate value of
transaction:
|
(5)
|
Total
fee paid:
|
[ ]
|
Check
box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration
statement number, or the form or schedule and the date of its
filing.
|
(1)
|
Amount
Previously Paid:
|
(2)
|
Form,
Schedule or Registration Statement
No.:
|
(3)
|
Filing
Party:
|
(4)
|
Date
Filed:
|
1.
|
To elect
as a Class I Director the one nominee named for such office in the
attached proxy statement and to elect as Class II Directors the four
nominees named for such offices in the attached proxy
statement;
|
2.
|
To approve
the AVX Corporation 2009 Management Incentive
Plan;
|
3.
|
To ratify
the appointment of PricewaterhouseCoopers, LLP as the Company’s
independent accountants for the fiscal year ending March 31, 2010;
and
|
4.
|
To
transact any other business that may properly come before the Annual
Meeting or any adjournment thereof.
|
Kurt
Cummings
Corporate
Secretary
|
Page
|
|
Introduction . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . .
|
1
|
Proposal I – Election of Directors. . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . .
|
2
|
Proposal II – Approval of the 2009 Management Incentive
Plan. . . . . . . . . . . . . . . . . . . . . . . . . .
|
5
|
7
|
|
8
|
|
Security Ownership of Certain Beneficial Owners
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. .
|
9
|
Section 16(a) Beneficial Ownership Reporting
Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
|
9
|
Board of Directors – Governance . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . .
|
9
|
Board of Directors – Meetings Held and Committees.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
|
11
|
Director Compensation . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . .
|
12
|
Equity Compensation Plan Information . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . .
|
14
|
Compensation Committee Interlocks and
Insider Participation. . . . . . . . . . . . . . . . . . . . . . . . .
. .
|
14
|
Report of the Audit Committee .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
|
15
|
Relationship with Kyocera and Related
Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . .
|
17
|
Compensation Committee and Equity
Compensation Committee Report . . . . . . . . . . . . . . . . .
|
18
|
Compensation Discussion and Analysis. . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
19
|
Executive Compensation . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . .
|
21
|
Shareholder Proposals . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
|
28
|
Proxy Solicitation. . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . .
|
28
|
Appendix A- 2009 Management Incentive Plan. . . . .
. . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .
.
|
A-1
|
Proxy Card |
TETSUO
KUBA
|
Age
55
|
Member of the Board since
May 2009. President and Representative Director of Kyocera
since April 2009. Director and Senior Managing Executive
Officer of Kyocera from 2008 to April 2009. Senior Managing
Executive Officer of Kyocera from 2007 to 2008 and Managing Executive
Officer of Kyocera from 2005 to 2007 and Executive Officer of Kyocera from
2003 to
2005.
|
|
JOHN
S. GILBERTSON
|
Age
65
|
Chairman
of the Board since 2008. Member of the Board since 1990. Chief Executive
Officer since 2001. President since 1997. Chief Operating
Officer from 1994 to 2001. Executive Vice President from 1992 to 1997,
Senior Vice President from 1990 to 1992 and employed by the Company since
1981. Director of Kyocera Corporation (“Kyocera”), the
Company’s majority shareholder, since 1995. Member of the Board
of Directors of Kyocera International Inc. (“KII”), a U.S. subsidiary of
Kyocera, since 2001.
|
|
MAKOTO
KAWAMURA
|
Age
59
|
Member of
the Board since 2006. Chairman of the Board and Representative Director of
Kyocera since April 2009. President and Representative Director of Kyocera
from 2005 to April 2009. Managing Executive Officer of Kyocera
from 2003 to 2005.
|
|
RODNEY
N. LANTHORNE
|
Age
64
|
Member of
the Board since 1990. President and Director of KII since
1987. Director of Kyocera since
1988.
|
|
JOSEPH
STACH
|
Age
70
|
Member of
the Board since 2004. Retired since 2003. Vice
President of Advanced Energy Industries, a manufacturer of products for
hi-tech manufacturing processes, from 1998 to 2003. Chairman,
CEO and President of RF Power Products, Inc., a manufacturer and
distributor of radio frequency power delivery systems, from 1991 to
1998.
|
|
KAZUO
INAMORI
|
Age
77
|
Chairman
Emeritus of the Board since 1997. Chairman Emeritus of the Board of
Kyocera since 2005. Chairman Emeritus and Director of Kyocera from 1997 to
2005.
|
|
DAVID
A. DECENZO
|
Age
54
|
Member of
the Board since 2007. President of Coastal Carolina University in South
Carolina (“CCU”) since 2007. From 2006 to 2007 Senior Vice
President of Academic Affairs and Provost at CCU. From 2002 to
2006, Dean of the E. Craig Wall, Sr., Wall College of Business
Administration at CCU. From 1992 to 2002, Director of
partnership development in the College of Business and Economics at Towson
University in Maryland.
|
|
KENSUKE
ITOH
|
Age
71
|
Member of
the Board since 2008. Retired from the Board in 2007 having been a member
since 1990. Advisor and Director of Kyocera since 2005. Chairman of the
Board and Representative Director of Kyocera from 1999 to
2005.
|
|
YUZO
YAMAMURA
|
Age
67
|
Member of
the Board since 1995. Vice Chairman of the Board and
Representative Director of Kyocera since 2006. Director of
Kyocera since 2003. Advisor and Director of Kyocera Elco Corporation, a
subsidiary of Kyocera, since April 2009. President and
Representative Director of Kyocera Elco Corporation from 1992 to April
2009.
|
DONALD
B. CHRISTIANSEN
|
Age
70
|
Member of
the Board since 2002. Retired from AVX in
2000. Senior Vice President of Finance, Chief Financial Officer
and Treasurer of AVX from 1997 to 2000. Vice President of
Finance, Chief Financial Officer and Treasurer from 1994 to
1997. Chief Financial Officer from 1992 to
1994. Member of the Board from 1992 to
2000.
|
Name
|
Amount and
Nature of Beneficial Ownership of Outstanding AVX Shares
(1)
|
Number of
AVX Shares Underlying Exercisable Options (2)
|
Total AVX
Shares
|
Percentage
of AVX Common Stock (3)
|
Amount and
Nature of Beneficial Ownership of Outstanding Kyocera Equity Securities
(1)
|
Number of
Kyocera Equity Securities Underlying Exercisable Options
(4)
|
Total
Kyocera Equity Securities
|
Percentage
of Kyocera Equity Securities (5)
|
||||||||
Kazuo
Inamori
|
20,000
|
42,000
|
62,000
|
*
|
11,486,165 (6)
|
0
|
11,486,165
|
6.26%
|
||||||||
John S.
Gilbertson
|
100,805
|
751,500
|
852,305
|
*
|
18,867
|
135
|
19,002
|
*
|
||||||||
Donald B.
Christiansen
|
11,948
|
15,000
|
26,948
|
*
|
0
|
0
|
0
|
*
|
||||||||
Kensuke
Itoh
|
6,000
|
0
|
6,000
|
*
|
527,072
|
0
|
527,072
|
*
|
||||||||
Makoto
Kawamura
|
1,000
|
10,000
|
11,000
|
*
|
3,000
|
0
|
3,000
|
*
|
||||||||
Tetsuo
Kuba
|
0
|
0
|
0
|
*
|
2,000
|
0
|
2,000
|
*
|
||||||||
Rodney N.
Lanthorne
|
2,000
|
42,000
|
44,000
|
*
|
3,628
|
0
|
3,628
|
*
|
||||||||
David
DeCenzo
|
0
|
5,000
|
5,000
|
*
|
0
|
0
|
0
|
*
|
||||||||
Joseph
Stach
|
1,000
|
20,000
|
21,000
|
*
|
0
|
0
|
0
|
*
|
||||||||
Yuzo
Yamamura
|
2,000
|
42,000
|
44,000
|
*
|
82,000
|
0
|
82,000
|
*
|
||||||||
C.
Marshall Jackson
|
29,609
|
227,500
|
257,109
|
*
|
5,551
|
0
|
5,551
|
*
|
||||||||
Pete
Venuto
|
10,474
|
117,850
|
128,324
|
*
|
592
|
0
|
592
|
*
|
||||||||
Peter
Collis
|
0
|
126,403
|
126,403
|
*
|
0
|
0
|
0
|
*
|
||||||||
Kurt
Cummings
|
11,402
|
95,400
|
106,802
|
*
|
237
|
0
|
237
|
*
|
||||||||
All
directors, director nominees and executive officers as a
group
|
245,501
|
1,840,713
|
2,086,214
|
1.21%
|
12,131,389
|
135
|
12,131,524
|
6.61%
|
||||||||
(A
total of 18 individuals including those named above)
|
(1)
|
Includes
interests, if any, in shares held in the AVX Nonqualified Supplemental
Retirement Plan and AVX Corporation Retirement Plan Trusts and shares that
are owned directly by or jointly with family members. Does not include
shares of AVX held by Kyocera that may be deemed to be beneficially owned
by the above-named persons that are also directors of Kyocera. See the AVX
shares beneficially owned by Kyocera in the “Security Ownership of Certain
Beneficial Owners” table below.
|
(2)
|
Includes
AVX shares underlying options exercisable as of March 31, 2009, and
options which become exercisable within 60 days thereafter under the AVX
Corporation 1995 Stock Option Plan (the “1995 Stock Option
Plan”), the AVX Corporation 2004 Stock Option Plan (the “2004 Stock Option
Plan” and, together with the 1995 Stock Option Plan, the “Stock Option
Plans”), the AVX Corporation Non-Employee Directors’ Stock Option Plan
(the “Non-Employee Directors’ Stock Option Plan”), or the AVX Corporation
2004 Non-Employee Directors' Stock Option Plan (the “2004 Non-Employee
Directors' Stock Option Plan” and, together with
the Non-Employee Directors' Stock Option Plan, the
“Non-Employee Directors' Stock Option
Plans”).
|
(3)
|
Based on a
total number of 170,383,778 shares of Common Stock outstanding as of March
31, 2009.
|
(4)
|
Includes
Kyocera shares underlying options exercisable as of March 31, 2009, and
options which become exercisable within 60 days thereafter under the
Kyocera Stock Option Plan.
|
(5)
|
Based on a
total number of 183,528,034 shares of Kyocera equity securities
outstanding as of March 31, 2009.
|
(6)
|
Includes
4,680,000 shares held by the Inamori Foundation as to which Mr. Inamori,
as President of the foundation, may be deemed to have voting and
investment power. The aforementioned shares are not included in
the total shares held by all directors and executive officers as a
group.
|
Name and
Address
of
Beneficial Owner
|
Shares
Beneficially
Owned
|
Percent
of Class
(1)
|
|||
Kyocera
Corporation
6 Takeda
Tobadono-cho
Fushimi-ku,
Kyoto 612-8501, Japan
|
121,800,000
|
(2)
|
71.5%
|
||
Third
Avenue Management LLC
622 Third
Avenue, 32nd
Floor
New York,
NY 10017-2023
|
15,832,277
|
(3)
|
9.3%
|
(1) | Based on a total number of 170,383,778 shares of Common Stock outstanding as of March 31, 2009. |
(2) | The shares held by Kyocera are subject to the voting and investment control of Kyocera's Board of Directors. |
(3)
|
Shares
shown as beneficially owned by Third Avenue Management LLC are reported in
a Form 13G filed by Third Avenue Management LLC dated as of February 13,
2009. Based on that filing, Third Avenue Management LLC has
sole voting power with respect to 14,768,884 shares and sole dispositive
power with respect to 15,832,277
shares.
|
·
|
understand
AVX's businesses and the marketplaces in which it
operates;
|
·
|
regularly
attend meetings of the Board and of the committees on which he or she
serves;
|
·
|
review and
understand the materials provided in advance of meetings and any other
materials provided to the Board from time to
time;
|
·
|
actively,
objectively and constructively participate in meetings and the strategic
decision-making processes;
|
·
|
share his
or her perspective, background, experience, knowledge and insights as they
relate to the matters before the Board and its committees;
and
|
·
|
be
reasonably available when requested to advise the CEO and management on
specific issues not requiring the attention of the full Board but where an
individual director's insights might be helpful to the CEO or
management.
|
·
|
send
correspondence by email to compliance@avxus.com;
or
|
·
|
write to
AVX Corporation, Compliance Office, P.O. Box 3456, Myrtle Beach,
SC 29578-3456.
|
Fees
Earned or Paid in Cash
|
Option
Awards
|
Total
|
|
Name
(1)
|
($)
|
($) (2)
(3)
|
($)
|
Kazuo
Inamori
|
10,800
|
20,714
|
31,514
|
Donald B.
Christiansen
|
75,800
|
17,710
|
93,510
|
Kensuke
Itoh
|
5,400
|
7,750
|
13,150
|
Noboru
Nakamura
|
13,500
|
20,714
|
34,214
|
Makoto
Kawamura
|
13,500
|
26,652
|
40,152
|
Rodney N.
Lanthorne
|
10,800
|
20,714
|
31,514
|
David A.
DeCenzo
|
67,600
|
20,714
|
88,314
|
Joseph
Stach
|
78,400
|
20,714
|
99,114
|
Yuzo
Yamamura
|
10,800
|
20,714
|
31,514
|
Benedict
Rosen (retired)
|
13,525
|
19,503
|
33,028
|
(1)
|
Mr. John
Gilbertson, the Company’s Chief Executive Officer and President, also
serves as a director of the Company. Information regarding the
compensation paid to Mr. Gilbertson is provided in the Summary
Compensation Table of this Proxy
Statement.
|
(2)
|
The
aggregate number of option awards held by each of the directors as of
March 31, 2009 is as follows: Kazou Inamori - 52,000; Donald B.
Christiansen - 30,000; Kensuke Itoh - 15,000; Noboru Nakamura – 15,000;
Makoto Kawamura - 15,000; Rodney N. Lanthorne - 52,000; David A. DeCenzo -
15,000; Joseph Stach - 30,000; Yuzo Yamamura -
52,000.
|
(3)
|
Reflects
the amount recognized by the Company as an expense in fiscal 2009 for
financial statement reporting purposes, disregarding for this purpose the
estimate of forfeitures related to service-based vesting
conditions. The grant date fair value of the options awarded
during fiscal 2009 was as follows: Donald B. Christiansen - $35,066;
Kensuke Itoh - $35,066. These options were granted pursuant to the 2004
Non-employee Directors’ Stock Option Plan. The assumptions made
in the valuation of stock options are set forth in Note 11 in the Notes to
Consolidated Financial Statements in the Annual Report on Form 10-K for
the fiscal year ended March 31,
2009.
|
Plan
Category
|
Number of securities to be
issued upon exercise of outstanding options, warrants
and rights
|
Weighted average exercise
price of outstanding options, warrants
and rights
|
Number of securities
remaining available for future issuance under equity
compensation plans
|
Equity
Compensation plans approved by security holders
|
4,450,193
|
$16.31
|
9,453,250
|
|
|||
Equity
compensation plans not approved by security holders
|
--
|
--
|
230,754 (1)
|
(1)
|
Members of
the Board of Directors who are not employees of AVX or Kyocera are
eligible to defer their annual director's fee and attendance fees in an
AVX Phantom Share Unit Fund under the Deferred Compensation Plan for
Eligible Board Members (not approved by shareholders) based on the Fair
Market Value of the Common Stock at each Credit Date (all as defined in
the plan). Payment of account balances to an eligible director
(as prescribed in "Compensation of Directors" above) is payable in the
form of a number of shares of Common Stock equal to the whole number of
Phantom Shares Units (as defined) credited to such director under the
plan. See "Compensation of Directors" above for more
information.
|
2008
|
2009
|
|
Audit Fees
(1)
|
$
4,226,704
|
$3,447,009
|
Audit
Related Fees (2)
|
17,200
|
21,029
|
Tax Fees
(3)
|
281,650
|
518,258
|
All Other
Fees (4)
|
12,419
|
5,450
|
Total
Fees
|
$
4,537,973
|
$
3,991,745
|
(1)
|
Audit Fees
represent fees for the annual audit of the Company's financial statements,
the audit of the Company's internal control over financial reporting, the
review of the interim financial statements included in the Company's
quarterly reports on Form 10-Q, and other services performed in connection
with statutory and regulatory
filings.
|
(2)
|
Audit
Related Fees include fees for services that were reasonably related to the
performance of the reviews of the Company's financial statements (but
which are not included under Audit Fees). Audit related fees consist
primarily of attestation related services required by regulatory and
governmental agencies and employee benefit plan
audits.
|
(3)
|
Tax Fees
represent fees for consultation on tax matters and tax compliance
services.
|
(4)
|
Other fees
represent fees related to miscellaneous services as well as online
technical resources.
|
Years
Ended March 31,
|
||||||
2007
|
2008
|
2009
|
||||
Sales:
|
||||||
Product
and equipment sales to affiliates
|
$
|
21,813
|
$
|
30,755
|
$
|
16,790
|
Subcontracting
activities
|
1,601
|
1,080
|
287
|
|||
Commissions
received
|
71
|
-
|
-
|
|||
Purchases:
|
||||||
Purchases
of resale inventories, raw materials, supplies, equipment and
services
|
470,166
|
517,185
|
389,639
|
|||
Other:
|
||||||
Dividends
paid
|
18,270
|
19,488
|
19,488
|
Fiscal
|
Salary
|
Bonus
|
Option
Awards
|
Non-Equity
Incentive Plan Compensation
|
Change in
Pension Value and Nonqualified Deferred Compensation
Earnings
|
All Other
Compensation
|
Total
|
|||||||||
Name &
Position
|
Year
|
($)
(1)
|
($)
(1)
|
($)
(5)
|
($)
(6)
|
($)
(7)
|
($)
(8)
|
($)
|
||||||||
John S.
Gilbertson (9)
|
2009
|
$706,000
|
$51,750
|
(2)
|
$503,608
|
$ -
|
$ -
|
$113,300
|
$1,374,658
|
|||||||
Chief
Executive Officer
|
2008
|
670,000
|
49,150
|
(3)
|
571,556
|
335,000
|
-
|
112,308
|
1,738,014
|
|||||||
and
President
|
2007
|
640,000
|
49,100
|
(4)
|
594,364
|
960,000
|
-
|
112,300
|
2,355,764
|
|||||||
Kurt
Cummings
|
||||||||||||||||
Vice
President,
|
2009
|
255,000
|
18,100
|
(2)
|
63,028
|
25,050
|
-
|
68,200
|
429,378
|
|||||||
Chief
Financial Officer,
|
2008
|
238,500
|
16,950
|
(3)
|
68,794
|
141,400
|
-
|
77,479
|
543,123
|
|||||||
Treasurer
and Secretary
|
2007
|
221,000
|
16,900
|
(4)
|
50,691
|
261,963
|
-
|
70,000
|
620,554
|
|||||||
C.
Marshall Jackson
|
2009
|
334,000
|
25,400
|
(2)
|
116,358
|
16,250
|
-
|
73,200
|
565,208
|
|||||||
Executive
Vice President
|
2008
|
325,000
|
24,650
|
(3)
|
131,231
|
100,000
|
-
|
79,502
|
660,383
|
|||||||
of Sales
and Marketing
|
2007
|
315,000
|
24,700
|
(4)
|
151,921
|
197,462
|
-
|
80,200
|
769,283
|
|||||||
Peter
Venuto
|
||||||||||||||||
Vice
President of
|
2009
|
265,000
|
19,100
|
(2)
|
101,299
|
15,600
|
-
|
69,700
|
470,699
|
|||||||
North
American and
|
2008
|
250,000
|
18,000
|
(3)
|
114,284
|
117,100
|
-
|
85,834
|
585,218
|
|||||||
European
Sales
|
2007
|
234,000
|
18,000
|
(4)
|
114,435
|
274,905
|
-
|
73,400
|
714,740
|
|||||||
Peter
Collis (10)
|
2009
|
240,000
|
-
|
(2)
|
103,330
|
14,300
|
(30,616)
|
15,700
|
342,714
|
|||||||
Vice
President
|
2008
|
273,000
|
-
|
(3)
|
119,962
|
103,100
|
129,879
|
22,100
|
648,041
|
|||||||
of
Tantalum
|
2007
|
246,800
|
-
|
(4)
|
110,684
|
246,505
|
382,914
|
19,400
|
1,006,303
|
(1)
|
Includes
amounts earned but deferred by the executive officer at his election,
pursuant to the AVX Nonqualified Supplemental Retirement Plan, (the
“Supplemental Plan”).
|
(2)
|
The amounts
shown include 50% of an award payable in the summer of 2009 with respect
to fiscal year 2009 in accordance with a determination by the Company’s
Board of Directors to pay discretionary cash awards to each U.S. salaried
employee of the Company in an amount equal to 8% of such employee’s 2008
calendar year eligible earnings. The remaining 50% of this
award will be earned and paid in the summer of 2010, provided the officer
is employed by the Company at that time. Amounts shown also
include 50% of a discretionary cash award with respect to fiscal year 2008
that is payable in the summer of 2009, based on the officer’s continued
employment with the Company at that
time.
|
(3)
|
The amounts
shown include 50% of an award paid in the summer of 2008 with respect to
fiscal year 2008 in accordance with a determination by the Company’s Board
of Directors to pay discretionary cash awards to each U.S. salaried
employee of the Company in an amount equal to 8% of such employee’s 2007
calendar year eligible earnings. Amounts shown also include 50% of a
discretionary cash award with respect to fiscal year 2007 that was earned
and paid in the summer of 2008, based on the officer’s continued
employment with the Company at that
time.
|
(4)
|
The amounts
shown include 50% of an award paid in the summer of 2007 with respect to
fiscal year 2007 in accordance with a determination by the Company’s Board
of Directors to pay discretionary cash awards to each U.S. salaried
employee of the Company in an amount equal to 8% of such employee’s 2006
calendar year eligible earnings. Amounts shown also include 50%
of a discretionary cash award with respect to fiscal year 2006 that was
earned and paid in the summer of 2007, based on the officer’s continued
employment with the Company at that
time.
|
(5)
|
Reflects
the proportionate amount of the total grant date fair value of option
awards recognized by the Company as an expense in each fiscal year for
financial statement reporting purposes, disregarding for this purpose the
estimate of forfeitures related to service-based vesting
conditions. All stock options were granted pursuant to the 1995
and 2004 Stock Option Plans. The assumptions made in the valuation of
stock options are set forth in Note 11 in the Notes to Consolidated
Financial Statements in the Annual Report on Form 10-K for the fiscal year
ended March 31, 2009. No options have been forfeited by any of
the Named Executive Officers.
|
(6)
|
Reflects
for the Chief Executive Officer, 100%, and for all Named Executive
Officers except the Chief Executive Officer, 75%, of the annual cash bonus
award earned under the MIP determined based on the Company’s pre-tax
financial performance and individual performance with respect to each
fiscal year and for all Named Executive Officers except the Chief
Executive Officer 25% of the annual cash bonus award with respect to the
previous fiscal year that was earned and paid in the current fiscal year,
based on the officer’s continued employment with the Company at that
time. No cash bonus award was earned under the MIP for the
fiscal year ended March 31, 2009. For information regarding the MIP, see
the discussion in the Compensation Discussion and Analysis in this Proxy
Statement.
|
(7)
|
Reflects
the aggregate of the increase or decrease for each fiscal year in
actuarial present values of Mr. Collis’ accumulated benefits under the AVX
Limited Pension Scheme (the “Defined Benefit Plan”.) The
underlying value is denominated in British Pounds. This amount
has been converted to US dollars using an average exchange rate of $1.72
per Pound for the fiscal year ended March 31, 2009. See the
Pension Benefits table and related narrative disclosure for information
regarding the Defined Benefit Plan.
|
(8)
|
Reflects
Company's contribution for the fiscal year ended March 31, 2009 on behalf
of the respective Named Executive Officers pursuant to the terms of the
Supplemental Plan and the AVX Corporation Retirement Plan (the "Retirement
Plan") in the following amounts respectively: John S.
Gilbertson - $46,900 and $30,400; C. Marshall Jackson - $30,400 and
$23,000; Peter Venuto - $22,300 and $29,900; Kurt Cummings - $24,000 and
$29,900.
|
(9)
|
Mr.
Gilbertson is a Named Executive Officer who also serves as a
director. Mr. Gilbertson received no compensation for services
as a director in fiscal 2009.
|
(10)
|
Mr. Collis’
compensation is paid in British Pounds and has been converted to U.S.
Dollars at a rate of $1.72, 2.00 and 1.89 per Pound for fiscal 2009, 2008
and 2007, respectively.
|
Estimated
Future Payouts Under Non-Equity Incentive Plan Awards
|
Number of
Securities Underlying Options
|
Exercise
Price of Option Awards
|
Grant Date
Fair Value of Option Awards
|
|||||||||||
Name
|
Grant
Date
|
Threshold
($)
|
Target
($)
|
Maximum
($)
|
(#)
(3)
|
($)
(4)
|
($)
|
|||||||
John S.
Gilbertson
|
353,000
|
(1)
|
706,000
|
(1)
|
1,059,000
|
(1)
|
||||||||
5/15/2008
|
100,000
|
13.15
|
355,320
|
|||||||||||
Kurt
Cummings
|
(2)
|
(2)
|
(2)
|
|||||||||||
5/15/2008
|
15,000
|
13.15
|
53,298
|
|||||||||||
C.
Marshall Jackson
|
(2)
|
(2)
|
(2)
|
|||||||||||
5/15/2008
|
25,000
|
13.15
|
88,830
|
|||||||||||
Peter
Venuto
|
(2)
|
(2)
|
(2)
|
|||||||||||
5/15/2008
|
20,000
|
13.15
|
71,064
|
|||||||||||
Peter
Collis
|
(2)
|
(2)
|
(2)
|
|||||||||||
5/15/2008
|
20,000
|
13.15
|
71,064
|
(1)
|
Reflects
threshold, target and maximum payout opportunities under the MIP for the
fiscal year ended March 31, 2009. Mr. Gilbertson’s award is
determined as a percentage of his salary (up to 150% of base salary) based
on the Company’s achievement of pre-tax profit goals. Mr.
Gilbertson did not earn a cash bonus award under the MIP for the fiscal
year ended March 31, 2009. For information regarding the MIP,
see the discussion in the Compensation Discussion and Analysis in this
Proxy Statement.
|
(2)
|
The Named
Executive Officers, other than Mr. Gilbertson, have the opportunity to
share in a bonus pool that is established under the MIP and based on the
Company’s achievement of pre-tax profit goals. Individual bonus
amounts for these Named Executive Officers are determined by the CEO based
on a subjective evaluation of each executive’s annual
performance. The Company did not establish threshold, target
and maximum bonus opportunities for these Named Executive Officers, and
therefore no values are reported in this column. The Named
Executive Officers did not earn cash bonus awards under the MIP for the
fiscal year ended March 31, 2009. For information regarding the
MIP, see the discussion in the Compensation Discussion and Analysis in
this Proxy Statement.
|
(3)
|
Reflects
the number of options to purchase shares of AVX common stock awarded to
each Named Executive Officer during the fiscal year ended March 31, 2009
under the Company’s 2004 Stock Option Plan. The options vest as
to 25% of the shares one-year from the date of grant and as to 25% of the
shares on each of the three succeeding anniversary dates, provided the
officer continues to be employed by the Company or any of its
subsidiaries. There are no performance based conditions that
are applicable to these options.
|
(4)
|
The
exercise price is based on the closing market price on the grant date, as
provided in the 2004 Stock Option
Plan.
|
Name
|
Option
Grant Date
|
Number of
Securities Underlying Unexercised Options (#) Exercisable
|
Number of
Securities Underlying Unexercised Options (#)
Unexercisable
|
Option
Exercise Price ($)
|
Option
Expiration Date
|
John S.
Gilbertson
|
5/26/2000
|
50,000
|
0
|
$29.30
|
5/26/2010
|
1/8/2001
|
50,000
|
0
|
$17.00
|
1/8/2011
|
|
4/22/2002
|
100,000
|
0
|
$19.46
|
4/22/2012
|
|
9/9/2002
|
126,500
|
0
|
$11.41
|
9/9/2012
|
|
6/3/2003
|
100,000
|
0
|
$11.92
|
6/3/2013
|
|
5/14/2004
|
100,000
|
0
|
$14.46
|
5/14/2014
|
|
5/6/2005
|
75,000
|
25,000
|
$11.30
|
5/6/2015
|
|
6/23/2006
|
50,000
|
50,000
|
$15.28
|
6/23/2016
|
|
5/8/2007
|
25,000
|
75,000
|
$17.88
|
5/8/2017
|
|
5/15/2008
|
0
|
100,000
|
$13.15
|
5/15/2018
|
Kurt
Cummings
|
5/26/2000
|
16,000
|
0
|
$29.30
|
5/26/2010
|
1/8/2001
|
10,000
|
0
|
$17.00
|
1/8/2011
|
|
4/22/2002
|
10,000
|
0
|
$19.46
|
4/22/2012
|
|
9/9/2002
|
8,500
|
0
|
$11.41
|
9/9/2012
|
|
6/3/2003
|
10,000
|
0
|
$11.92
|
6/3/2013
|
|
5/14/2004
|
10,000
|
0
|
$14.46
|
5/14/2014
|
|
5/6/2005
|
7,500
|
2,500
|
$11.30
|
5/6/2015
|
|
6/23/2006
|
7,500
|
7,500
|
$15.28
|
6/23/2016
|
|
5/8/2007
|
3,750
|
11,250
|
$17.88
|
5/8/2017
|
|
5/15/2008
|
0
|
15,000
|
$13.15
|
5/15/2018
|
C.
Marshall Jackson
|
5/26/2000
|
40,000
|
0
|
$29.30
|
5/26/2010
|
1/8/2001
|
25,000
|
0
|
$17.00
|
1/8/2011
|
|
4/22/2002
|
25,000
|
0
|
$19.46
|
4/22/2012
|
|
9/9/2002
|
31,250
|
0
|
$11.41
|
9/9/2012
|
|
6/3/2003
|
25,000
|
0
|
$11.92
|
6/3/2013
|
|
5/14/2004
|
25,000
|
0
|
$14.46
|
5/14/2014
|
|
5/6/2005
|
18,750
|
6,250
|
$11.30
|
5/6/2015
|
|
6/23/2006
|
12,500
|
12,500
|
$15.28
|
6/23/2016
|
|
5/8/2007
|
6,250
|
18,750
|
$17.88
|
5/8/2017
|
|
5/15/2008
|
0
|
25,000
|
$13.15
|
5/15/2018
|
Name
|
Option
Grant Date
|
Number of
Securities Underlying Unexercised Options (#) Exercisable
|
Number of
Securities Underlying Unexercised Options (#)
Unexercisable
|
Option
Exercise Price ($)
|
Option
Expiration Date
|
Peter
Venuto
|
1/8/2001
|
15,000
|
0
|
$17.00
|
1/8/2011
|
4/22/2002
|
15,000
|
0
|
$19.46
|
4/22/2012
|
|
9/9/2002
|
2,850
|
0
|
$11.41
|
9/9/2012
|
|
6/3/2003
|
20,000
|
0
|
$11.92
|
6/3/2013
|
|
5/14/2004
|
20,000
|
0
|
$14.46
|
5/14/2014
|
|
5/6/2005
|
15,000
|
5,000
|
$11.30
|
5/6/2015
|
|
6/23/2006
|
10,000
|
10,000
|
$15.28
|
6/23/2016
|
|
5/8/2007
|
5,000
|
15,000
|
$17.88
|
5/8/2017
|
|
5/15/2008
|
0
|
20,000
|
$13.15
|
5/15/2018
|
Peter
Collis
|
5/26/2000
|
8,000
|
0
|
$29.30
|
5/26/2010
|
1/8/2001
|
15,000
|
0
|
$17.00
|
1/8/2011
|
|
4/22/2002
|
14,000
|
0
|
$19.46
|
4/22/2012
|
|
9/9/2002
|
4,400
|
0
|
$11.41
|
9/9/2012
|
|
6/3/2003
|
20,000
|
0
|
$11.92
|
6/3/2013
|
|
5/14/2004
|
20,000
|
0
|
$14.46
|
5/14/2014
|
|
5/6/2005
|
15,000
|
5,000
|
$11.30
|
5/6/2015
|
|
6/23/2006
|
10,002
|
9,998
|
$15.28
|
6/23/2016
|
|
5/8/2007
|
5,001
|
14,999
|
$17.88
|
5/8/2017
|
|
5/15/2008
|
0
|
20,000
|
$13.15
|
5/15/2018
|
Option
Awards (1)
|
||
Name
|
Shares
Acquired on Exercise
|
Value
Realized on Exercise
|
(#)
|
($)
(2)
|
|
John S.
Gilbertson
|
80,000
|
97,274
|
C.
Marshall Jackson
|
40,000
|
47,993
|
Peter
Venuto
|
12,500
|
35,414
|
Peter
Collis
|
15,500
|
52,292
|
Kurt
Cummings
|
20,000
|
25,100
|
(1)
|
All such
options were to expire during 2009.
|
(2)
|
Value
realized represents the excess of the fair market value of the shares at
the time of exercise over the exercise price of the
options.
|
Name
|
Number
of Years Credited Service
|
Present
Value of Accumulated Benefit
|
|
Plan
Name
|
(#)
|
($)
(1)
|
|
Peter
Collis
|
AVX
Limited Pension Scheme
|
37
years
|
$ 1,608,500
|
(1)
|
Present
Value of Accumulated Benefit calculation is denominated in British
Pounds. This amount has been converted to US dollars using an
exchange rate of $1.72 per Pound at March 31,
2009.
|
Name
|
Executive
Contributions in FY 2009
|
Company
Contributions in FY 2009
|
Aggregate
Losses in FY 2009
|
Aggregate
Balance at March 31, 2009
|
($)
(1)
|
($)
(2)
|
($)
|
($)
|
|
John S.
Gilbertson
|
210,155
|
46,900
|
(199,265)
|
4,008,436
|
Kurt
Cummings
|
17,564
|
24,000
|
(97,955)
|
309,180
|
C.
Marshall Jackson
|
20,170
|
30,400
|
(494,009)
|
1,778,066
|
Peter
Venuto
|
16,800
|
22,300
|
(49,992)
|
183,881
|
Peter
Collis
|
-
|
-
|
-
|
-
|
(1)
|
The amounts
in this column are included in the Salary and/or Bonus columns of the
Summary Compensation Table.
|
(2)
|
The amounts
in this column are included in the All Other Compensation column of the
Summary Compensation Table.
|
|
By order of the
Board,
|
|
Kurt
Cummings
|
Corporate Secretary |
1.
|
Purpose. The
Company wishes to provide for the award of annual incentive compensation
to selected employees of the Company and its Subsidiaries if specified
Performance Goals are achieved. The general purpose of the Plan
is to promote the interests of the Company’s shareholders by providing to
selected employees incentives to continue and increase their efforts with
respect to, and remain in the employ of, the Company and its Subsidiaries.
The Plan is designed to provide qualified performance-based compensation
in accordance with Section 162(m) of the Internal Revenue Code of 1986, as
may be amended from time to time, and the regulations promulgated
thereunder (“Code Section 162(m)”); provided,
however, that the Compensation Committee may, in its discretion,
grant awards under the Plan that are not exempt from Section
162(m).
|
2.
|
Administration. The
Plan will be administered by the Committee, which shall be comprised of
three or more persons, each of whom shall qualify as an “outside director”
within the meaning of Code Section
162(m).
|
|
Subject to
the express provisions of the Plan, the Committee shall have plenary
authority, in its discretion, to administer the Plan and to exercise all
powers and authority either specifically granted to it under the Plan or
necessary and advisable in the administration of the Plan, including
without limitation the authority to interpret the Plan; to prescribe,
amend and rescind rules and regulations relating to the Plan; to grant
Awards, to determine the terms, provisions and conditions of all Awards
granted under the Plan (which need not be identical), the individuals to
whom and the time or times when Awards shall be granted, and to make all
other necessary or advisable determinations with respect to the
Plan. The determination of the Committee on such matters shall
be conclusive.
|
3.
|
Participants. The
Committee shall from time to time select the key employees of the Company
and its Subsidiaries to whom Awards are to be granted, and who will, upon
such grant, become participants in the
Plan.
|