NVIDIA CORP Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by NVIDIA Corporation on March 18, 2021, reporting events occurring on March 15, 2021. The filing details the adoption of the Variable Compensation Plan for Fiscal Year 2022 (ending January 30, 2022) 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 figures. It focuses exclusively on executive compensation structures.
Material Changes
The primary material event is the establishment of performance-based cash compensation for fiscal year 2022. The plan ties variable cash payments to the achievement of specified corporate revenue goals, categorized into threshold, base operating plan, and stretch operating plan levels.
Guidance, Outlook, and Management Commentary
While specific revenue targets are not disclosed in this summary, the Compensation Committee has established performance goals based on fiscal year 2022 revenue achievement. Eligibility for awards requires participants to remain employed through the payment date.
Executive Compensation Targets (Fiscal Year 2022)
| Named Executive Officer | Title | Target Award Opportunity | % of Base Salary |
|---|---|---|---|
| Jen-Hsun Huang | President and CEO | $2,000,000 | 200% |
| Colette M. Kress | EVP and 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 and Secretary | $250,000 | 29% |
Investor Verification Checklist
- Review Exhibit 10.1 (Variable Compensation Plan - Fiscal Year 2022) for specific revenue thresholds and stretch targets not detailed in the summary.
- Verify the definition of "payment date" to understand the employment retention requirement for award eligibility.
- Confirm the specific revenue metrics used to calculate the "Performance Goals" for the fiscal year ending January 30, 2022.