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CADENCE DESIGN SYSTEMS INC 8-K Report, Executive Changes (Dec 16, 2008)

Reports
Leadership Changes·Other Events
Filing Date
Filed December 16, 2008
Period End
December 12, 2008
Security
CDNS
In the record · 2016–202610-K1210-Q328-K98

CDNS filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 98 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · May ’19May ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Material agreement8-K · Sep ’25Sep ’25

01—Abstract

Summary

Summary of the 8-K filed December 16, 2008. Cited figures are marked; the original filing is the authoritative source.

Cadence Design Systems, Inc. (CDNS) filed an 8-K on December 16, 2008, reporting two key events.

Firstly, the Compensation Committee approved compensation for Lip-Bu Tan, the Interim Vice Chairman, for his service in the Interim Office of the Chief Executive. This compensation includes a cash payment of $250,000a and an option to purchase 100,000 shares of common stock, contingent on specific conditions related to the appointment of a new CEO and Mr. Tan's continued service. Secondly, the company announced that it has regained compliance with NASDAQ listing requirements regarding timely filing of reports.

This compliance was achieved by filing its Quarterly Report on Form 10-Q for the period ended September 27, 2008, on December 11, 2008. This addresses a significant concern for investors regarding the company's listing status and adherence to regulatory obligations.

02—Key points

Key Highlights

  1. Cadence Design Systems compensated Interim Vice Chairman Lip-Bu Tan for his role in the Interim Office of the Chief Executive.
  2. Mr. Tan will receive a $250,000 cash payment and an option for 100,000 shares of common stock.
  3. The cash payment and stock option vesting are contingent on the appointment of a new CEO and Mr. Tan's continued service in the Interim Office of the Chief Executive.
  4. Cadence Design Systems has regained compliance with NASDAQ Marketplace Rule 4310(c)(14) for timely filing requirements.
  5. The company filed its Form 10-Q for the quarter ended September 27, 2008, on December 11, 2008.
  6. This filing rectifies the deficiency that had placed the company at risk of delisting from NASDAQ.

03—Questions

Frequently Asked Questions

  1. What compensation is Lip-Bu Tan receiving and under what conditions?

    Lip-Bu Tan, the Interim Vice Chairman, is set to receive a $250,000 cash payment and an option to purchase 100,000 shares of common stock. This compensation is contingent on him remaining a member of the Interim Office of the Chief Executive and will vest/be paid on the earlier of January 15, 2009, or the first day of employment of a new Chief Executive Officer, as determined by the Compensation Committee.

  2. Why is regaining NASDAQ compliance important for investors?

    Regaining NASDAQ compliance is crucial as it ensures the company's continued listing on the exchange, preventing potential delisting. This compliance indicates that the company is meeting its regulatory and reporting obligations, which fosters investor confidence and maintains the liquidity and accessibility of the stock.

  3. What specific filing was required to regain NASDAQ compliance?

    The specific filing required was Cadence's Quarterly Report on Form 10-Q for the quarter ended September 27, 2008, which was filed with the SEC on December 11, 2008.

  4. What does the compensation for Mr. Tan signify for the company's leadership transition?

    The compensation package for Mr. Tan, who served in the Interim Office of the Chief Executive, suggests a structured approach to leadership transition. The conditions tied to his compensation indicate that the company is actively seeking and working towards appointing a permanent CEO, and Mr. Tan's role in this interim period is valued.

04—Continue

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