Business Context and Reporting Period
This Form 8-K is a current report filed by Salesforce, Inc. on March 27, 2020. The filing discloses executive compensation decisions made by the Compensation Committee of the Board of Directors regarding fiscal year 2020 performance bonuses and fiscal year 2021 compensation arrangements.
Key Financial Metrics
The filing does not provide company-wide financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data presented relates to specific executive compensation amounts.
Material Changes and Compensation Details
Fiscal Year 2020 Performance Bonuses
The Committee approved cash bonuses for Named Executive Officers (NEOs) based on fiscal year 2020 performance (February 1, 2019, to January 31, 2020), net of mid-year payouts. These amounts are scheduled for payment on or about April 15, 2020.
| Executive | Position | Approved Bonus Amount |
|---|---|---|
| Marc Benioff | Chair of the Board and CEO | $2,325,000 |
| Mark Hawkins | President and CFO | $750,000 |
| Parker Harris | Co-Founder and CTO | $750,000 |
| Srinivas Tallapragada | President and Chief Engineering Officer | $675,000 |
| Bret Taylor | President and COO | $675,000 |
Note: Mid-year bonus payouts made on September 30, 2019, ranged from $225,000 to $775,000 for the respective executives.
Fiscal Year 2021 Compensation Arrangements
The Committee approved annual base salaries and target bonus percentages effective February 1, 2020. Bonuses will be determined by Company and individual performance objectives.
| Executive | Annual Base Salary (FY2021) | Annual Target Bonus (FY2021) |
|---|---|---|
| Marc Benioff | $1,550,000 | 200% |
| Mark Hawkins | $1,000,000 | 100% |
| Parker Harris | $1,000,000 | 100% |
| Srinivas Tallapragada | $950,000 | 100% |
| Bret Taylor | $1,000,000 | 100% |
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, management commentary on business risks, or discussion of contingencies. The document is strictly limited to the disclosure of executive compensation approvals.
Key Facts for Investor Verification
- Payment Timing: Verify the actual disbursement of the FY2020 bonuses on or about April 15, 2020.
- Performance Criteria: Review the specific corporate and individual performance goals that triggered the FY2020 bonus payouts.
- Compensation Structure: Note the significant target bonus percentage (200%) for the CEO compared to 100% for other NEOs in FY2021.
- Mid-Year Adjustments: Confirm that the FY2020 bonus figures represent the net amount after deducting mid-year payouts made in September 2019.