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): February 10, 2015
CADENCE DESIGN SYSTEMS, INC.
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 000-15867 | 00-0000000 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
| 2655 Seely Avenue, Building 5 San Jose, California |
95134 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
(408) 943-1234
(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 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.
| (d) | On February 10, 2015, Cadence Design Systems, Inc. (the “Company”) elected Mark W. Adams to the Board of Directors of the Company, effective immediately. |
Mr. Adams will be compensated consistent with the Company’s compensation of its other non-employee directors in effect from time to time and as described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on March 26, 2014. Mr. Adams received a grant of an incentive stock award with a grant date fair value of $170,000 pursuant to the Company’s 1995 Directors Stock Incentive Plan, which vests fully after one year of continuous service. Mr. Adams received this grant in connection with his initial appointment, and he has also entered into the Company’s standard indemnification agreement.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits |
| Exhibit No. |
Description | |
| 99.01 | Press Release issued by Cadence Design Systems, Inc. on February 10, 2015. | |
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.
Dated: February 17, 2015
| CADENCE DESIGN SYSTEMS, INC. | ||
| By: | /s/ James J. Cowie | |
| James J. Cowie | ||
| Senior Vice President, General Counsel and Secretary | ||
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.01 | Press Release issued by Cadence Design Systems, Inc. on February 10, 2015. | |
Exhibit 99.01
| Media contact: | Investor contact: | |||
| Mark Plungy | Alan Lindstrom | |||
| (408) 944-7039 | (408) 944-7100 | |||
| newsroom@cadence.com | investor_relations@cadence.com |
Cadence Elects Mark W. Adams to Board of Directors
SAN JOSE, Calif. – February 10, 2015 – Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced the election of Mark W. Adams to its board of directors. Mr. Adams is president of Micron Technology, Inc., a global leader in advanced semiconductor systems. He brings substantial executive leadership as well as industry, operational and marketing expertise to the Cadence board of directors.
“We are extremely pleased to welcome Mark Adams to our board of directors,” said John B. Shoven, Ph.D., Cadence’s chairman of the board. “Cadence is committed to providing our customers with innovative products that enable them to meet increasingly demanding performance and time to market requirements. Mark’s deep industry knowledge, tight customer relationships and executive leadership will provide us with valuable strategic and operational guidance and strengthen Cadence’s proven ability to deliver on this commitment.”
Mr. Adams has served as president of Micron Technology, Inc., a semiconductor solutions company, since February 2012. From June 2006 to February 2012, Mr. Adams served in a number of positions at Micron, including as Vice President of Worldwide Sales and Vice President of Digital Media. Prior to joining Micron, he served as Chief Operating Officer of Lexar Media, Inc. and Vice President of Sales and Marketing at Creative Labs, Inc. Mr. Adams holds a bachelor’s degree in economics from Boston College and a master’s degree from Harvard Business School.
About Cadence
Cadence enables global electronic design innovation and plays an essential role in the creation of today’s integrated circuits and electronics. Customers use Cadence® software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, Calif., with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.
Cadence and the Cadence logo are registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.
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