Synplicity Inc - Current report filing (8-K)
February 05 2008 - 3:56PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, DC 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)
January 30,
2008
SYNPLICITY, INC.
(Exact
name of registrant as specified in its charter)
California
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000-31545
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77-0368779
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(State or other jurisdiction of
incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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600 West
California Avenue
Sunnyvale,
CA 94086
(Address of principal executive offices,
including zip code)
(650)
215-6000
(Registrants
telephone number, including area code)
Not Applicable
(Former name or former address, if changed since
last report)
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 the
following provisions (see General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement
Amendment
of Variable Incentive Pay Plan
On
January 30, 2008, the Compensation Committee (the Committee) of
Synplicity, Inc. (Synplicity) approved an amendment to Synplicitys
Variable Incentive Pay Plan (VIPP). All non-commissioned, U.S. full time and
U.S. part time exempt employees are included as participants in the VIPP, as
well as all Swedish non-commissioned employees. All participants in the VIPP, whether
they are executives or non-executives are subject to the same VIPP goals.
The
VIPP previously tied a portion of each employees total compensation to
Synplicitys performance through the achievement of a specific quarterly
revenue target, a specific quarterly operating income target and other
company-wide and functional area goals. The VIPP, as amended, now ties such
compensation to the achievement of a quarterly revenue target range and a
quarterly operating income target range. In the event that actual revenue and
operating income fall within the applicable range, participants will receive
100% of the variable pay percentages corresponding to individual job
categories. Additionally, quarterly
payouts under the VIPP will subject to upward or downward adjustment, from zero
to 200% of the variable pay percentages, based upon revenue and operating
income range percentages in the event that actual revenue and operating income
fall above or below the applicable target range. The company-wide and functional
goal component of the VIPP remains unchanged.
Goals for the quarterly revenue target
range and quarterly operating income target range are determined by the board
of directors at the beginning of each year and generally do not change
throughout the year. The board of directors does reserve the right to change
the revenue and operating income target ranges for future quarters, if, in its
sole discretion, market forces warrant the changes. The other company
objectives, which include other company-wide and functional area goals, are
reviewed and determined quarterly by the board of directors with input from the
chief executive officer. All VIPP goals are communicated to plan participants
at regular quarterly employee meetings. The board of directors determines
whether the various goals are achieved and calculates the resulting quarterly
payouts, with input from the chief executive officer. The Committee determines
the portion of an individuals total compensation that is subject to the VIPP,
with the variable pay percentages corresponding to individual job categories.
The
foregoing description is qualified in its entirety by reference to the VIPP, as
amended, a copy of which is attached hereto as Exhibit 10.41.3 and
incorporated herein by reference.
Item 2.02
Results of
Operations and Financial Condition.
This
information shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act), or
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such a filing.
On
February 5, 2008, Synplicity, Inc. issued a press release announcing
its financial results for its quarter ended December 31, 2007. The full
text of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
2
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No.
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Description
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10.41.3
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Synplicity, Inc. Variable Incentive Pay Plan, as amended through
January 30, 2008
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99.1
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Press Release dated February 5, 2008 of
Synplicity, Inc.
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3
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 hereunto duly authorized.
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SYNPLICITY, INC.
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Date: February 5, 2008
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/s/ Gary Meyers
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Gary
Meyers
Chief Executive Officer, President and
Director (Principal Executive Officer)
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/s/ John J. Hanlon
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John
J. Hanlon
Senior Vice President and Chief
Financial Officer (Principal Financial
and Accounting Officer)
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4
EXHIBIT INDEX
Exhibit No.
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Description
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10.41.3
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Synplicity, Inc. Variable Incentive Pay Plan, as amended through
January 30, 2008
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99.1
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Press Release dated February 5, 2008 of
Synplicity, Inc.
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5
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