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<font size="3"><B><p align="center">UNITED STATES</br>
SECURITIES AND EXCHANGE COMMISSION</br>
Washington, D.C. 20549</font></p></B>

<br>
<HR WIDTH="25%">
<p align="center"><font size="3"><strong>FORM 8-K</strong></font></p>
<HR WIDTH="25%">
<br>

<font size="3"><B><p align="center">
CURRENT REPORT
</font></p></B>

<font size="3"><B><p align="center">
Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934
</font></p></B>
<font size="3"><B><p align="center">
<U>   February 28, 2005</U>
</font></p></B>

<font size="2"><p align="center">
             Date of Report (Date of earliest event reported)
</font></p>

<font size="5" color="#0000FF"><B><p align="center">
                 <u> SIEBEL SYSTEMS, INC.</u>
</B></font></br>
<font size="2">
             (Exact name of registrant as specified in its charter)
</font></p>

<P>&nbsp;
<TABLE COLS=3 WIDTH="100%" >
<TR>
<TD>
<font size="3"><B>
<CENTER><u>Delaware</u></CENTER>
</font></B>
</TD>
<TD>
<font size="3"><B>
<CENTER><u>0-20725</u></CENTER>
</font></B>
</TD>
<TD>
<font size="3"><B>
<CENTER><u>94-3187233</u></CENTER>
</font></B>
</TD>
</TR>
<TR>
<TD>
<font size="2">
<CENTER>(State or other jurisdiction</CENTER>
<CENTER>of incorporation)</CENTER>
</font>
</TD>
<TD>
<font size="2">
<CENTER>(Commission</CENTER>
<CENTER>File Number)</CENTER>
</font>
</TD>
<TD>
<font size="2">
<CENTER>(IRS Employer </CENTER>
<CENTER>Identification No.)</CENTER>
</font>
</TD>
</TR>
</TABLE>
<BR>


<font size="3"><B><p align="center">
                            2207 Bridgepointe Parkway<br>
                            <u>San Mateo, CA &nbsp; 94404
</U></font></B><br>

<font size="2">
                   (Address of principal executive offices, including zip code)
</font></p>

<font size="3"><B><U><p align="center">
                                 (650) 477-5000
</U></font></B><br>

<font size="2">
             (Registrant's telephone number, including area code)
</font></p>

<P ALIGN="CENTER">&nbsp;</P>
<FONT SIZE=2><P>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):</P>
<P>[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)</P>
<P>[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)</P>
<P>[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</P>
<P>[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<br>
<br>
<HR WIDTH="85%">
<br>
<br>

<B><P ALIGN="CENTER">&nbsp;</P>
</FONT><FONT SIZE=2><P>Item 1.01 Entry into a Material Definitive Agreement.</P>
</B><P ALIGN="JUSTIFY">On February 28, 2005, the Compensation Committee of the Board of Directors of Siebel
Systems, Inc. approved the amendment of the Siebel Systems, Inc. Nonqualified
Deferred Compensation Plan (the "Plan"), effective January 1, 2005. </P>

<P>The Plan was revised to (1) comply with the recently enacted American Jobs
Creation Act of 2004 and Section 409A of the Internal Revenue Code; (2) permit the deferral by Plan
participants of certain equity compensation awards under the Plan; and (3) describe claim
procedures that apply to disability benefits payable under the Plan.  The revised
Plan is attached as <B>Exhibit 10.1</B> to this Report and is incorporated by reference herein. </P>

<P><B>Item  9.01.  Financial Statements and Exhibits.</P></B>

<B><U>Number</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description</B></U>

<TABLE BORDER=0 CELLSPACING=1 CELLPADDING=7 WIDTH=95%>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>
 10.1</P>
</TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P><A HREF="defplan.htm">
Amended and Restated Siebel Systems, Inc. Nonqualified Deferred Compensation Plan.
</A></P>
</TD>
</TR>
</TABLE>


<br>
<br>
<br>
<HR width="85%">
<br>
<br>
<br>

<B><P ALIGN="CENTER">SIGNATURES</P>
</B><P ALIGN="JUSTIFY"><Font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<TABLE border=0 cellPadding=0 cellSpacing=0 width="100%">
  <TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD></TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD align=left><FONT SIZE=2>
<B>                                   SIEBEL SYSTEMS, INC.</B>
</TD></TR></TABLE>

<TABLE border=0 cellPadding=0 cellSpacing=0 width="100%">
  <TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD></TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD align=left><FONT SIZE=2>
<I>(Registrant)</I>
</TD></TR></TABLE>


<FONT SIZE=2>
<p>Dated: March 7, 2005


<P>
<TABLE border=0 cellPadding=0 cellSpacing=0 width="100%">
  <TR>
    <TD width="38%"></TD>
    <TD width="2%"></TD>
    <TD width="60%"></TD></TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2>By:&nbsp;</TD>
   <TD align=left><FONT SIZE=2>
/s/ Kenneth A. Goldman
</TD></TR></TABLE>


<TABLE border=0 cellPadding=0 cellSpacing=0 width="100%">
  <TR>
                                                                                                               <TD width="38%"></TD>
    <TD width="62%"></TD></TR>
  <TR vAlign=top>
                                                                                                                  <TD>&nbsp;</TD>
    <TD align=left>
      <HR align=left SIZE=1>
    </TD></TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD align=left><FONT SIZE=2>
Kenneth A. Goldman
</TD></TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD align=left><FONT SIZE=2><I>
                                    Senior Vice President,<br>
                                    Finance and Administration<br>
                                    and Chief Financial Officer
</I></TD></TR></TABLE></P>

<br>
<br>
<HR width="85%">
<br>
<br>

<B><P ALIGN="Center">EXHIBIT INDEX</P></B>
<B><U>Number</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description</B></U>
<TABLE BORDER=0 ALIGN="left" CELLSPACING=1 CELLPADDING=7 WIDTH=95%>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>
 10.1</P>
</TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P><A HREF="defplan.htm">
Amended and Restated Siebel Systems, Inc. Nonqualified Deferred Compensation Plan.
</A></P>
</TD>
</TR>
</TABLE>

</P><p align="left">
<BR>
<br>
<br>
<br>
<HR width="85%">
<br>
<br>
</P>
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Form 8K doc
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
February 28, 2005
Date of Report (Date of earliest event reported)
SIEBEL SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware
0-20725
94-3187233
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2207 Bridgepointe Parkway
San Mateo, CA   94404
(Address of principal executive offices, including zip code)
(650) 477-5000
(Registrant's telephone number, including area code)
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))
Item 1.01 Entry into a Material Definitive Agreement.
On February 28, 2005, the Compensation Committee of the Board of Directors of Siebel
Systems, Inc. approved the amendment of the Siebel Systems, Inc. Nonqualified
Deferred Compensation Plan (the "Plan"), effective January 1, 2005.
The Plan was revised to (1) comply with the recently enacted American Jobs
Creation Act of 2004 and Section 409A of the Internal Revenue Code; (2) permit the deferral by Plan
participants of certain equity compensation awards under the Plan; and (3) describe claim
procedures that apply to disability benefits payable under the Plan.  The revised
Plan is attached as
Exhibit 10.1
to this Report and is incorporated by reference herein.
Item  9.01.  Financial Statements and Exhibits.
Number
Description
10.1
Amended and Restated Siebel Systems, Inc. Nonqualified Deferred Compensation Plan.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
SIEBEL SYSTEMS, INC.
(Registrant)
Dated: March 7, 2005
By:
/s/ Kenneth A. Goldman
Kenneth A. Goldman
Senior Vice President,
Finance and Administration
and Chief Financial Officer
EXHIBIT INDEX
Number
Description
10.1
Amended and Restated Siebel Systems, Inc. Nonqualified Deferred Compensation Plan.