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): April 5, 2007
MAGMA DESIGN AUTOMATION, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
| | |
| 000-33213 | | 77-0454924 |
| (Commission File Number) | | (I.R.S. Employer Identification Number) |
| | |
| 1650 Technology Drive, San Jose, California | | 95110 |
| (Address of principal executive offices) | | (Zip Code) |
(408) 565-7500
(Registrant’s 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:
| ¨ | 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(c)) |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Compensatory Arrangements of Certain Officers.
On April 5, 2007, the Compensation Committee (the “Committee”) of the Board of Directors of Magma Design Automation, Inc. (the “Company”) set annual base salary levels, effective April 1, 2007, for all named executive officers of the Company. At that meeting, the Committee also set target bonus percentages (expressed as a percentage of each officer’s base salary for the Company’s fiscal year ending April 6, 2008 (“fiscal 2008”)) for the Company’s officers for fiscal 2008 and determined that bonus determinations for fiscal 2008 would be based, subject to the Committee’s discretion to adjust bonuses based on individual goals and other subjective criteria, on the Company’s financial results for fiscal 2008.
As to each of the Company’s named executive officers, the executive’s new annual base salary level and target bonus percentage for fiscal 2008 is as follows:
| | | | | | |
Name and Titleof Executive Officer | | Annual
Base Salary | | Target Bonus Percentage | |
Rajeev Madhavan, Chief Executive Officer | | $ | 475,000 | | 90 | % |
Roy E. Jewell, President and Chief Operating Officer | | $ | 475,000 | | 90 | % |
Saeid Ghafouri, Corporate Vice President Field Operations | | $ | 330,000 | | 120 | % |
Peter S. Teshima Corporate Vice President - Finance and Chief Financial Officer | | $ | 300,000 | | 60 | % |
David H. Stanley, Corporate Vice President, Corporate Affairs & Secretary | | $ | 290,000 | | 60 | % |
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.
| | | | |
| | MAGMA DESIGN AUTOMATION, INC. |
| | |
| | By: | | /s/ Peter S. Teshima |
| Date: April 11, 2007 | | | | Peter S. Teshima |
| | | | Corporate Vice President - Finance and Chief Financial Officer |
