NVIDIA CORP Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by NVIDIA Corporation on March 8, 2016. The report details the adoption of the Fiscal Year 2017 Variable Compensation Plan by the Compensation Committee of the Board of Directors. NVIDIA operates on a fiscal year ending on the last Sunday in January; therefore, Fiscal Year 2017 ends on January 29, 2017.
Key Financial Metrics
The filing does not provide financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation arrangements.
Material Changes
The primary material event reported is the establishment of the 2017 Plan, which allows eligible executive officers to earn variable cash payments based on the achievement of specified corporate performance goals, primarily fiscal year 2017 revenue. The plan includes threshold, target, and stretch operating plan levels.
Guidance, Outlook, and Management Commentary
Management has set performance goals for fiscal year 2017 based on revenue achievement. The filing does not contain specific revenue guidance figures, risk factors, or contingencies beyond the standard requirement that participants must remain employees through the payment date to be eligible for awards.
Executive Compensation Targets
| Named Executive Officer | Title | Target Payment Amount | % of FY2017 Base Salary |
|---|---|---|---|
| Jen-Hsun Huang | President and CEO | $1,000,000 | 100% |
| Colette M. Kress | EVP and CFO | $275,000 | 35% |
| Ajay K. Puri | EVP, Worldwide Field Operations | $500,000 | 56% |
| David M. Shannon | EVP, CAO and Secretary | $200,000 | 25% |
| Debora Shoquist | EVP, Operations | $150,000 | 21% |
Key Facts for Investor Verification
- The 2017 Variable Compensation Plan is tied to unspecified revenue targets for fiscal year 2017.
- Eligibility for variable cash payments requires continued employment through the payment date.
- The full text of the 2017 Plan is filed as Exhibit 10.1 and contains the specific performance metrics not detailed in this summary.
- This filing contains no financial results or forward-looking revenue guidance numbers.