Qorvo, Inc. (NASDAQ:QRVO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Criteria
the Board of Directors of Qorvo, Inc. (the Company), in accordance
with the terms and conditions of the Companys Cash Bonus Plan,
established the cash bonus award targets and performance criteria
applicable to eligible employees for the first six months of fiscal
2018 (the FY18 Bonus Awards). The bonus opportunity for the first
six months of fiscal 2018 will represent 50% of the total bonus
opportunity for fiscal 2018. The metrics used to measure
performance will be non-GAAP revenue and non-GAAP operating income
and each metric has an established minimum, target and maximum
level. During this performance period, each metric will constitute
50% of the total bonus opportunity.
identified below has the opportunity to earn a bonus in an amount
between 30% and 200% of the officer’s fiscal 2018 target bonus
percentage (the Target), depending on the Companys level of
non-GAAP revenue and non-GAAP operating income in relation to the
Companys Annual Operating Plan during the first six months of
fiscal 2018. The Target has been established by the Committee as a
percentage of each executive officers base salary during the
performance period. The bonus earned for each metric will be
pro-rated for performance between minimum and maximum levels for
such metric. No executive officer will receive FY18 Bonus Awards
that, in the aggregate, exceed 200% of the officer’s Target as
established by the Committee.
below:
|
Name
|
|
Target
|
|
|
|
|
|
Robert A. Bruggeworth
|
|
150%
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
|
Mark J. Murphy
|
|
90%
|
|
Chief Financial Officer
|
|
|
|
|
|
|
|
Steven E. Creviston
|
|
90%
|
|
Corporate Vice President and
|
|
|
|
President of Mobile Products
|
|
|
|
|
|
|
|
James L. Klein
|
|
90%
|
|
Corporate Vice President and
|
|
|
|
President of Infrastructure and Defense Products
|
|
|
|
|
|
|
|
Gina B. Harrison
|
|
60%
|
|
Vice President and Corporate Controller
|
|
|
About Qorvo, Inc. (NASDAQ:QRVO)
Qorvo, Inc. is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs). Its segments include Mobile Products (MP) and Infrastructure and Defense Products (IDP). The MP segment is a supplier of radio frequency (RF) solutions that perform various functions in the cellular radio front end section of smartphones and other cellular devices. The IDP segment is a supplier of RF solutions that support various global applications, including ubiquitous high-speed network connectivity to the cloud, data center communications, Internet connectivity throughout the home and workplace, and upgraded military capabilities across the globe. It operates design, sales and manufacturing facilities located throughout Asia, Europe and North America. Qorvo, Inc. (NASDAQ:QRVO) Recent Trading Information
Qorvo, Inc. (NASDAQ:QRVO) closed its last trading session up +0.01 at 68.06 with 2,257,552 shares trading hands.
