<HTML>
<head>
<title>Form 8K doc</title>
</head>

<body bgcolor=white>

<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>   September 1, 2004</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 ALIGN="CENTER">INFORMATION TO BE INCLUDED IN THE
REPORT</P>
<P ALIGN="CENTER">Section 1 - Registrant's Business and Operations</P>
<P>Item 1.01 Entry into a Material Definitive Agreement.</P>
</B><P ALIGN="JUSTIFY">Siebel Systems, Inc. adopted the Siebel Systems, Inc.
Nonqualified Deferred Compensation Plan (the &quot;Plan&quot;), effective
September 1, 2004.</P>
<P>Under the Plan, Siebel Systems, Inc. will provide employees who are eligible
to participate in the Plan with the opportunity to defer a specified percentage of their cash
compensation. The amount of compensation to be deferred by each participating
employee (each, a &quot;Participant&quot;) will be based on elections by each
Participant. </P>

<P>Under the Plan, Siebel Systems will be obligated to deliver on a future date
deferred compensation credited to a Participant's account, adjusted for any
positive or negative investment results from investment alternatives selected by
the Participant under the Plan (each, an &quot;Obligation&quot; and
collectively, the &quot;Obligations&quot;).  The Obligations are unsecured
general obligations of Siebel Systems and rank in parity with other unsecured
and unsubordinated indebtedness of Siebel Systems. The Obligations are not
transferable except upon death of the Participant. There is no trading market
for the Obligations. </P>

<P>Each Obligation will be payable in cash, commencing upon a Participant's
termination of employment with Siebel Systems (including terminations due to
disability or death) and will be distributed in the form of a lump sum payment
or in up to five annual installments, depending upon the age of the Participant
at the time of termination and, if applicable, the election made by such
Participant.  In addition, Participants may be entitled to receive payments
through certain hardship withdrawals, previously scheduled withdrawals,
withdrawals upon imposition of a penalty, and withdrawals upon a change in
control of Siebel Systems. Siebel Systems may enter into a trust agreement with
a trustee under the Nonqualified Deferred Compensation Trust established in
conjunction with the Plan (the &quot;Trust&quot;).  The amounts allocated to
such Trust and resulting earnings would be used to satisfy the Obligations of
Siebel Systems under the Plan.  Any such Trust shall be a &quot;grantor
trust&quot; for state and federal income tax purposes.  However, the Plan would
remain unfunded and the assets of the Trust would at all times be subject to the
claims of the general creditors of Siebel Systems.  </P>
<P> </P>
<P>Siebel Systems can amend or terminate the Plan at any time, but no such
action shall retroactively impair or otherwise adversely affect a Participant's
rights under the Plan that have accrued prior to the date of such action. Siebel
Systems' Board of Directors or the Compensation Committee may determine that a
Participant shall no longer be a Participant in the Plan and whether such
Participant's benefits shall be (i) paid to the Participant as soon as
administratively feasible following such termination of participation or (ii)
held in the Plan and paid in accordance with the most recent election of the
Participant on file with the Plan Committee or its designee.</P>
<P>If there is a change in control of Siebel Systems and the successor employer,
by resolution of its board of directors, elects not to continue to sponsor the
Plan, then the Plan shall terminate and the Obligations to each Participant,
whether such Participant is receiving installment payments or not, shall be paid
to the Participant in a single lump sum payment in accordance with the Plan.</P>

<P>The Plan is attached as Exhibit 10.1 to this Report.</P>
<br>
</FONT><B><P>&nbsp;</P></B>
<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: September 7, 2004


<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">
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>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "form8k.htm", "description": "BODY OF 8-K", "secsgml_size_bytes": 9291}]
{"company-data": {"conformed-name": "SIEBEL SYSTEMS INC", "cik": "0001006835", "assigned-sic": "7372", "irs-number": "943187233", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-20725", "film-number": "041018881"}, "business-address": {"street1": "2207 BRIDGEPOINTE PARKWAY", "city": "SAN MATEO", "state": "CA", "zip": "94404", "phone": "6504775000"}, "mail-address": {"street1": "2207 BRIDGEPOINTE PARKWAY", "city": "SAN MATEO", "state": "CA", "zip": "94404"}}
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
September 1, 2004
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))
INFORMATION TO BE INCLUDED IN THE
REPORT
Section 1 - Registrant's Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
Siebel Systems, Inc. adopted the Siebel Systems, Inc.
Nonqualified Deferred Compensation Plan (the "Plan"), effective
September 1, 2004.
Under the Plan, Siebel Systems, Inc. will provide employees who are eligible
to participate in the Plan with the opportunity to defer a specified percentage of their cash
compensation. The amount of compensation to be deferred by each participating
employee (each, a "Participant") will be based on elections by each
Participant.
Under the Plan, Siebel Systems will be obligated to deliver on a future date
deferred compensation credited to a Participant's account, adjusted for any
positive or negative investment results from investment alternatives selected by
the Participant under the Plan (each, an "Obligation" and
collectively, the "Obligations").  The Obligations are unsecured
general obligations of Siebel Systems and rank in parity with other unsecured
and unsubordinated indebtedness of Siebel Systems. The Obligations are not
transferable except upon death of the Participant. There is no trading market
for the Obligations.
Each Obligation will be payable in cash, commencing upon a Participant's
termination of employment with Siebel Systems (including terminations due to
disability or death) and will be distributed in the form of a lump sum payment
or in up to five annual installments, depending upon the age of the Participant
at the time of termination and, if applicable, the election made by such
Participant.  In addition, Participants may be entitled to receive payments
through certain hardship withdrawals, previously scheduled withdrawals,
withdrawals upon imposition of a penalty, and withdrawals upon a change in
control of Siebel Systems. Siebel Systems may enter into a trust agreement with
a trustee under the Nonqualified Deferred Compensation Trust established in
conjunction with the Plan (the "Trust").  The amounts allocated to
such Trust and resulting earnings would be used to satisfy the Obligations of
Siebel Systems under the Plan.  Any such Trust shall be a "grantor
trust" for state and federal income tax purposes.  However, the Plan would
remain unfunded and the assets of the Trust would at all times be subject to the
claims of the general creditors of Siebel Systems.
Siebel Systems can amend or terminate the Plan at any time, but no such
action shall retroactively impair or otherwise adversely affect a Participant's
rights under the Plan that have accrued prior to the date of such action. Siebel
Systems' Board of Directors or the Compensation Committee may determine that a
Participant shall no longer be a Participant in the Plan and whether such
Participant's benefits shall be (i) paid to the Participant as soon as
administratively feasible following such termination of participation or (ii)
held in the Plan and paid in accordance with the most recent election of the
Participant on file with the Plan Committee or its designee.
If there is a change in control of Siebel Systems and the successor employer,
by resolution of its board of directors, elects not to continue to sponsor the
Plan, then the Plan shall terminate and the Obligations to each Participant,
whether such Participant is receiving installment payments or not, shall be paid
to the Participant in a single lump sum payment in accordance with the Plan.
The Plan is attached as Exhibit 10.1 to this Report.
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: September 7, 2004
By:
/s/ Kenneth A. Goldman
Kenneth A. Goldman
Senior Vice President,
Finance and Administration
and Chief Financial Officer
EXHIBIT INDEX
Number
Description
10.1
Siebel Systems, Inc. Nonqualified Deferred Compensation Plan.