NetApp, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by NetApp, Inc. on June 22, 2009. The report discloses the approval of fiscal year 2010 compensation packages for the Company's senior executives by the Compensation Committee of the Board of Directors.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation arrangements.
Material Changes
The annual base salaries and target incentive compensation awards for the named executive officers remained unchanged from fiscal year 2009 amounts. The specific compensation details for fiscal year 2010 are as follows:
- Daniel J. Warmenhoven (Chairman and CEO): $900,000 base salary; 130% target incentive.
- Thomas Georgens (President and COO): $600,000 base salary; 120% target incentive.
- Thomas F. Mendoza (Vice Chairman): $600,000 base salary; 120% target incentive.
- Robert E. Salmon (EVP, Field Operations): $530,000 base salary; 110% target incentive.
- Steven J. Gomo (EVP and CFO): $500,000 base salary; 110% target incentive.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on business performance, or discussion of risks and contingencies. It notes that the fiscal year 2010 base salaries are effective August 1, 2009, and target incentive awards are effective April 25, 2009. Incentive compensation is determined pursuant to the Executive Compensation Plan adopted in 2007.
Key Facts for Investor Verification
- Executive compensation for FY2010 was approved on June 22, 2009, with no changes to base salaries or target incentive percentages from FY2009.
- The CEO's target incentive is set at 130% of base salary, while other named officers range from 110% to 120%.
- The filing does not contain financial results; investors should refer to the most recent 10-Q or 10-K for revenue and earnings data.