UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 15, 2005
AVID TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-21174 04-2977748
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
Avid Technology Park, One Park West, Tewksbury, MA 01876
(Address of Principal Executive Offices) (zip code)
Registrant's telephone number, including area code: (978) 640-6789
(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):
/ / 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))
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Item 1.01 Entry into a Material Definitive Agreement.
On February 16, 2005, the Compensation Committee of the Board of
Directors of Avid Technology, Inc. (the "Company") approved the payment of the
following annual cash bonus awards in respect of the year ended December 31,
2004 to the Company's executive officers pursuant to the Company's 2004 Amended
and Restated Bonus Plan:
Name and Position 2004 Annual Cash Bonus
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David A. Krall - President and Chief Executive Officer $673,750
Charles L. Smith - V.P. and General Manager, Avid Video $236,250
Paul J. Milbury - V.P. and Chief Financial Officer $209,687
Joseph Bentivegna - V.P. and Chief Operating Officer, Avid Video $187,500
David M. Lebolt - V.P. and General Manager, Digidesign $187,500
Michael J. Rockwell - Chief Technology Officer and V.P.
of Software Engineering $187,500
Ethan E. Jacks - V.P. of Business Development and Chief Legal Officer $145,000
Patricia A. Baker - V.P. of Human Resources $144,375
Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
On February 15, 2005, based upon a recommendation from the Company's
Nominating and Governance Committee, the Board of Directors of the Company
elected Elizabeth M. Daley to the Company's Board of Directors. The Company has
not made a determination as to which committees of the Company's Board of
Directors Ms. Daley will be named.
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SIGNATURE
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.
Date: February 22, 2005 AVID TECHNOLOGY, INC.
(Registrant)
By:/s/ David A. Krall
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David A. Krall
President and Chief Executive Officer
(Principal Executive Officer)
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