NetApp, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by NetApp, Inc. on May 27, 2014. The report discloses the approval of fiscal year 2015 compensation arrangements for the company's named executive officers by the Compensation Committee of the Board of Directors.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation details.
Material Changes
The primary material change disclosed is the adjustment of base salaries for three named executive officers, effective October 25, 2014. Incentive compensation targets for fiscal year 2015 remain unchanged from fiscal year 2014 levels.
| Executive Officer | Current Base Salary | FY15 Base Salary | FY14 Incentive Target | FY15 Incentive Target |
|---|---|---|---|---|
| Thomas Georgens (Chairman and CEO) | $950,000 | $975,000 | 150% | 150% |
| George Kurian (EVP, Product Operations) | $460,000 | $500,000 | 110% | 110% |
| Matthew K. Fawcett (SVP, General Counsel) | $450,000 | $480,000 | 80% | 80% |
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of risks and contingencies. It notes that incentive compensation is funded based on actual achievement against annual revenue (weighted 1/3) and operating profit (weighted 2/3) targets under the Executive Compensation Plan.
Key Facts for Investor Verification
- Base salary increases for the CEO, EVP of Product Operations, and SVP of General Counsel are effective October 25, 2014.
- Incentive compensation targets as a percentage of base salary remain constant for FY15 compared to FY14.
- Bonus pool funding is contingent on meeting specific revenue and operating profit targets.
- This filing does not contain operational or financial performance data for the period.