Business Context and Reporting Period
This Form 8-K was filed by NVIDIA Corp on March 4, 2020. The report details the adoption of the Variable Compensation Plan for Fiscal Year 2021 (ending January 31, 2021) by the Compensation Committee of the Board of Directors.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. It focuses exclusively on executive compensation structures.
| Named Executive Officer | Target Award Opportunity | % of FY2021 Base Salary |
|---|---|---|
| Jen-Hsun Huang (CEO) | $1,500,000 | 150% |
| Colette M. Kress (CFO) | $300,000 | 33% |
| Ajay K. Puri (EVP, Worldwide Field Operations) | $650,000 | 68% |
| Debora Shoquist (EVP, Operations) | $250,000 | 29% |
| Timothy S. Teter (EVP, General Counsel) | $250,000 | 29% |
Material Changes
The primary change reported is the formal adoption of the 2021 Variable Compensation Plan. This plan ties variable cash payments for eligible executive officers to the achievement of specified corporate performance goals, primarily based on fiscal year 2021 revenue targets.
Guidance, Outlook, and Risks
Performance Goals: The Compensation Committee established threshold, base, and stretch operating plan levels based on fiscal year 2021 revenue achievement. Specific revenue targets are not disclosed in this summary text.
Eligibility: Participants must remain employees through the payment date to earn awards.
Risks/Contingencies: The filing does not disclose specific business risks or contingencies beyond the standard requirement that awards are contingent on performance and continued employment.
Investor Verification Checklist
- Review Exhibit 10.1 for the full text of the Variable Compensation Plan to understand specific performance metrics and payout formulas.
- Verify the specific revenue thresholds for the "threshold," "base," and "stretch" operating plans, as these are not detailed in the 8-K text.
- Confirm the payment date for the variable cash compensation to assess the employment retention requirement.
- Compare the target award percentages against historical compensation trends for the named executive officers.