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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 20, 2009
AVID TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
0-21174 |
04-2977748 | |||
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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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
(d) On October 20, 2009, the Board of Directors (the “Board”) of Avid Technology, Inc. (the “Company”), based upon a recommendation from the Nominating and Governance Committee of the Board, elected Robert M. Bakish as a Class II Director of the Company with a term expiring at the Company’s 2010 Annual Meeting of Stockholders.
In accordance with the Company’s director compensation program, Mr. Bakish will receive an annual retainer of $45,000 for his service on the Board. He will also receive $3,000 for each Board meeting that he attends. In addition, Mr. Bakish, upon his election to the Board, was granted 2,000 restricted stock units, with each unit representing the right to receive one share of the Company’s common stock, $.01 par value per share (“Common Stock”), and an option to purchase 7,000 shares of the Company’s Common Stock at an exercise price per share of $14.84. The restricted stock units and the option will vest in full on the first anniversary of the date of grant. As an outside director, Mr. Bakish will also be entitled to receive an option to purchase shares of the Company’s Common Stock, restricted stock awards and/or restricted stock unit awards on the date of each annual meeting of the Company’s stockholders, provided that he has then served a minimum of six months on the Board, pursuant to the terms of the Company’s Amended and Restated 2005 Stock Incentive Plan.
The full text of the press release announcing the election of Mr. Bakish to the Board is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
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Item 9.01. |
Financial Statements and Exhibits |
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(d) |
Exhibits. |
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99.1 |
Press Release issued by the Company on October 21, 2009. |
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.
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Date: October 20, 2009 |
AVID TECHNOLOGY, INC. | |
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EXHIBIT INDEX
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Exhibit No. |
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Description |
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99.1 |
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Press release issued by the Company dated October 21, 2009.
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Exhibit 99.1
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PR Contact: |
Christi Dean, Avid, 978-640-5147, christi.dean@avid.com |
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IR Contact: |
Tom Fitzsimmons, Avid, 978-640-3346, tom.fitzsimmons@avid.com |
For Immediate Release
Avid Announces the Election of Robert M. Bakish to its Board of Directors
Tewksbury, MA, October 21, 2009 – Avid® (NASDAQ: AVID) today announced that its board of directors has elected Robert M. Bakish as a Class II director of the company. His term will expire at the company's 2010 annual meeting of stockholders.
Mr. Bakish is president of MTV Networks (MTVN) International, a division of Viacom (NYSE: VIA, VIA.B), overseeing all MTV Networks operations outside of the United States. Mr. Bakish has served as president of MTVN since 2007. Prior to this, he held several executive positions within the company. Before joining Viacom in February 1997, Mr. Bakish was a partner with Booz Allen & Hamilton in its Media and Entertainment practice.
"We are pleased to welcome Bob to Avid’s board. He is a veteran leader in the global media and entertainment industry who will provide invaluable insight into the global social and economic influences that impact our customers,” said Gary Greenfield, Avid’s chairman and CEO. “Bob’s experience is especially pertinent as Avid continues to focus on delivering best-in-class solutions that help our customers succeed in digital media creation.”
Currently, Mr. Bakish also serves as Chairman of the Board of Viacom 18, Viacom’s Indian joint venture, and is on the boards of Viacom joint ventures with BSkyB and Telecom Italia Media. He holds an M.B.A. from Columbia University School of Business and a bachelor’s degree from Columbia’s School of Engineering and Applied Science.
About Avid
Avid creates the digital audio and video technology used to make the most listened to, most watched and most loved media in the world – from the most prestigious and award-winning feature films, music recordings, television shows, live concert tours and news broadcasts, to music and movies made at home. Some of Avid’s most influential and pioneering solutions include Media Composer®, Pro Tools®, Avid Unity™, Interplay®, Oxygen 8, Sibelius® and Pinnacle Studio™. For more information about Avid solutions and services, visit www.avid.com, del.icio.us, Flickr, Twitter and YouTube; connect with Avid on Facebook; or subscribe to Avid Industry Buzz.
© 2009 Avid Technology, Inc. All rights reserved. Avid, the Avid Logo, Pinnacle Studio, Avid Unity, Interplay, Media Composer, Pro Tools and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. The Interplay name is used with the permission of Interplay Entertainment Corp., which bears no responsibility for Avid products. All other trademarks are the property of their respective owners.