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SMMX > SEC Filings for SMMX > Form 8-K on 24-Feb-2009All Recent SEC Filings

Show all filings for SYMYX TECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SYMYX TECHNOLOGIES INC


24-Feb-2009

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 18, 2009, the Compensation Committee of the Board of Directors of Symyx Technologies, Inc., pursuant to authority delegated to the Compensation Committee by the Board of Directors, approved the payment of 2008 executive cash bonus awards for the following executive officers of Symyx Technologies in the amounts set forth below:

                                                                         2008/2009
                                                                       Target Bonus
                                                     2008 Bonus       (as percentage       2008/2009
                       Name                            Amounts        of base salary)        Salary
Isy Goldwasser                                               -0-              65%          $  420,000
President & Chief Executive Officer

Rex S. Jackson                                       $   128,700              65%          $  330,000
Executive VP and Chief Financial Officer

Trevor Heritage                                      $   141,728              65%          $  300,000
President, Symyx Software

Richard Boehner                                      $    70,200              65%          $  300,000
President, Symyx High Productivity
Research

Charles D. Haley                                     $    15,000              30%          $  250,000
Senior VP and General Counsel

Rick Rosenthal                                       $    46,872              30%          $  260,000
Senior VP, Finance

The 2008 bonuses were not determined under the company's 2007 Executive Annual Cash Incentive Plan (the "Plan"). While the 2008 targets under the Plan were not met, the Compensation Committee determined it was appropriate to provide a discretionary bonus to recognize performance by individuals, with the bonus amounts being set as a percentage for each business unit and for the G&A function, ranging from 15% to 75% of the 2008 Plan target bonus amounts.

The Compensation Committee did not make any changes to the executive officers' current salaries or target bonus percentages, which are also listed in the table above. Actual 2009 bonuses payable under the Plan will be determined by company performance against target metrics under the Plan, which the Compensation Committee also established for 2009. The target metrics are a combination of revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA") targets, with an override which provides for higher bonus eligibility at or above certain EBITDA levels, irrespective of revenue.

A copy of the Plan is filed as Exhibit 10.22 to the company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on February 14, 2007.


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