Qorvo, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Qorvo, Inc. on May 10, 2018. The filing discloses the approval of performance-based restricted stock unit awards for named executive officers under the Company's 2012 Stock Incentive Plan. The awards are tied to the fiscal year ending March 30, 2019, with one objective extending to June 30, 2019.
Key Financial Metrics
The filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial data provided is the fair market value of the Company's common stock, established at $80.21 per share based on the closing price on May 9, 2018.
Material Changes
The material event reported is the Compensation Committee's approval of new equity compensation arrangements. These awards link executive compensation to the achievement of ten specific performance objectives, including design wins, R&D improvements, product qualification, financial metrics, and IT capabilities. Executives may earn up to 150% of the target award if all objectives are met.
Guidance, Outlook, and Risks
The filing outlines specific performance criteria rather than financial guidance. The performance period spans the fiscal year ending March 30, 2019, with a final objective due June 30, 2019. Vesting occurs over a three-year period: 50% immediately following the performance period and the remaining 50% in equal annual installments. No shares are issued unless the awards are both earned and vested.
Key Facts for Investor Verification
- Award Valuation: The stock price used for valuation was $80.21 per share.
- Maximum Potential Awards:
- Robert A. Bruggeworth (CEO): 67,323 shares
- Mark J. Murphy (CFO): 18,515 shares
- Steven E. Creviston (VP Mobile Products): 22,442 shares
- James L. Klein (VP Infrastructure/Defense): 16,832 shares
- Gina B. Harrison (VP Controller): 4,208 shares
- Performance Conditions: Awards are contingent on meeting up to ten objectives, with a potential payout range of 0% to 150% of the target.
- Vesting Schedule: Earned shares vest 50% at the end of the performance period and 50% over the subsequent two years.