SYNOPSYS, INC. (NASDAQ:SNPS) Files An 8-K Other Events
Item8.01
| Other Events. |
Amended Executive Incentive Plan
On December15, 2016, the Compensation Committee (the
Committee) of the Board of Directors of Synopsys, Inc.
(the Company) approved an amendment to the Companys
Executive Incentive Plan (the Amended EIP), which is
applicable to officers of the Company as such term is defined in
Rule 16a-1(f) under Section16 of the Securities Exchange Act of
1934. Under the Amended EIP, bonuses will be earned only if the
Company achieves a Funding Goal selected by the Committee. If the
Funding Goal is achieved, the Companys bonus pool will be
initially funded at the maximum level for each participant. The
Committee will then determine the amount of the final award
earned by each participant based on the Companys achievement of
corporate revenue and operating margin goals using the formula
set forth in the Amended EIP, consistent with prior years. The
maximum award per participant continues to be 200% of the
participants target bonus amount, and in no case more than the
stockholder approved limit set forth in the Companys 2006
Employee Equity Incentive Plan (the 2006 Plan) for
purposes of Section162(m) of the Internal Revenue Code of 1986,
as amended. In addition, the Amended EIP was updated to reflect
recent changes in law and administrative practices. Amounts
earned under the Amended EIP continue to be subject to the
Companys Compensation Recovery Policy.
The foregoing summary of the Amended EIP does not purport to be
complete, and is qualified in its entirety by reference to the
full text of the Amended EIP, a copy of which is filed as Exhibit
10.18 to this Current Report on Form 8-K and is incorporated
herein by reference.
Amended Co-CEO Employment Agreements and Amended Executive
Change of Control Severance Benefit Plan
On December15, 2016, the Committee also approved amendments to
(i)employment agreements between the Company and Dr.Aart de Geus,
the Companys Co-Chief Executive Officer and Chairman of the
Board, and Dr.Chi-Foon Chan, the Companys Co-Chief Executive
Officer and President (the Amended Co-CEO Employment
Agreements) and (ii)the Companys Amended and Restated
Executive Change of Control Severance Benefit Plan (the
Amended Executive CIC Plan), in each case, primarily to
reflect recent changes in law and administrative practices.
The foregoing summary of the Amended Co-CEO Employment Agreements
and the Amended Executive CIC Plan does not purport to be
complete, and is qualified in its entirety by reference to the
full text of the Amended Co-CEO Employment Agreements and the
Amended Executive CIC Plan, copies of which are filed as Exhibit
10.16, Exhibit 10.17 and Exhibit 10.19 to this Current Report on
Form 8-K and are incorporated herein by reference.
| Item9.01 | Financial Statements and Exhibits |
|
Exhibit Number |
Description | |
| 10.16 |
Amended and Restated Employment Agreement, dated December 15, 2016, by and between Synopsys, Inc. and Dr. Aart de Geus |
|
| 10.17 |
Amended and Restated Employment Agreement, dated December 15, 2016, by and between Synopsys, Inc. and Dr. Chi-Foon Chan |
|
| 10.18 | Executive Incentive Plan, as amended on December 15, 2016 | |
| 10.19 |
Amended and Restated Executive Change of Control Severance Benefit Plan, as amended on December 15, 2016 |
About SYNOPSYS, INC. (NASDAQ:SNPS)
Synopsys, Inc. provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves. It provides software and hardware used to develop the electronic systems that incorporate chips and the software that runs on them. It provides technical services to support its solutions and help its customers develop chips and electronic systems. It is also a provider of software tools that developers use to develop software code in a range of industries, including electronics, financial services, energy, and industrials. It offers products and services in four categories: core EDA; IP, Systems and Software Integrity; Manufacturing Solutions, and Professional Services and Other. SYNOPSYS, INC. (NASDAQ:SNPS) Recent Trading Information
SYNOPSYS, INC. (NASDAQ:SNPS) closed its last trading session up +0.35 at 59.76 with 365,162 shares trading hands.