- Current report filing (8-K)
March 01 2010 - 4:40PM
Edgar (US Regulatory)
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 23, 2010
DivX, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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001-33029
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33-0921758
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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4780 Eastgate Mall
San Diego, California
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92121
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code: (858) 882-0600
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
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(e) Adoption of 2010 Executive Bonus Plan
On February 23, 2010, the Board of Directors of DivX, Inc. (Company) adopted the 2010 Executive Bonus Plan (2010 Plan). The 2010 Plan provides for the
payment of cash bonuses to the Companys (i) Chief Executive Officer, (ii) Chief Financial Officer and Executive Vice President, Operations and (iii) Executive Vice President, Business & Legal Affairs and General Counsel
(collectively, the Executives). The 2010 Plan provides for cash bonuses to be paid to the Executives upon the achievement of specific revenue milestones, earnings before interest, taxes, depreciation and amortization (EBITDA) milestones and Key
Results Areas (KRA) milestones. Under the 2010 Plan, amounts payable to the Executives as cash bonuses range from 0% of an Executives annual salary, if none of the milestones is achieved, to a maximum of 200% of an Executives annual
salary, if the highest level of achievement is achieved for all of the milestones.
Revenue and EBITDA milestones achieved by the Company are
classified as Bronze 1, Bronze 2, Silver 1, Silver 2, Gold 1 Gold 2, Platinum 1, Platinum 2, and Platinum 3. For each quarter,
the maximum bonus payable for achievement of a revenue milestone that each of the Executives is eligible to receive is equal to 60% of his quarterly base salary. For each quarter, the maximum bonus payable for achievement of an EBITDA milestone that
each of the Executives is eligible to receive is equal to 80% of his quarterly base salary. At the end of 2010, the annual revenue and EBITDA results will be compared to the amounts paid as quarterly bonuses. Any discrepancy between amounts paid as
quarterly bonuses and the total amount that would be due if the bonus were calculated on an annual basis will be paid as an adjustment to the fourth quarter bonus payment.
The 2010 Plan also provides for four KRA milestones, the achievement of which will be assessed by the Compensation Committee of the Companys Board of Directors. Achievement of each KRA milestone
will result in a maximum cash payment of 15% of annual base salary to each of the Executives, for a maximum possible bonus payment for achievement of all of the KRA milestones equal to 60% of annual base salary. The KRA milestones include without
limitation certain product development and licensing goals, as well as operational goals.
Item 5.03
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Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
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(a) Amendment and Restatement of Bylaws
On February 23, 2010, the Companys Board of Directors approved the amendment and restatement of the Companys bylaws, effective immediately, in order to permit the Board of Directors to
delegate authority to the Companys Chief Executive Officer to appoint and to remove officers of the Company and to further delineate which officers of the Company are authorized to vote securities held by the Company and to execute certain of
the Companys securities on behalf of the Company. The preceding summary is qualified in its entirety by reference to the full text of the bylaws, as amended and restated, a copy of which is attached hereto as Exhibit 3.2 and incorporated
herein by reference.
Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits.
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3.2
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Amended and Restated Bylaws of DivX, Inc.
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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.
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DIVX, INC.
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Dated: March 1, 2010
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By:
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S
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AN
L.
H
ALVORSON
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Name:
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Dan L. Halvorson
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Title:
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Chief Financial Officer and
Executive Vice President, Operations
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3
INDEX TO EXHIBITS
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Exhibit
Number
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Description
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3.2
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Amended and Restated Bylaws of DivX, Inc.
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4
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