NVIDIA CORP Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by NVIDIA Corporation on April 7, 2015. The report details the adoption of the Fiscal Year 2016 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 2016 refers to the period ending January 31, 2016.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. The document focuses exclusively on executive compensation arrangements.
Material Changes
The primary material event is the establishment of the 2016 Plan, which ties executive cash bonuses to the achievement of specified corporate revenue targets for Fiscal Year 2016. The plan includes threshold and maximum performance levels.
Guidance, Outlook, and Management Commentary
Management has set Corporate Targets for Fiscal Year 2016 based on revenue achievement, though specific revenue figures are not disclosed in this filing. Eligibility for awards requires participants to remain employed through the payment date. The plan is subject to the full terms of the 2016 Plan document filed as Exhibit 10.1.
Executive Compensation Targets
| Named Executive Officer | Title | Target Variable Cash Compensation | % of 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 | $475,000 | 54% |
| David M. Shannon | EVP, CAO and Secretary | $200,000 | 25% |
| Debora Shoquist | EVP, Operations | $150,000 | 21% |
Investor Verification Checklist
- Review Exhibit 10.1 for the specific revenue thresholds and maximums required to trigger bonus payments.
- Verify the exact payment date for the 2016 Plan to confirm employment eligibility requirements.
- Check subsequent filings for actual Fiscal Year 2016 revenue results to determine if targets were met.
- Confirm if any amendments to the Corporate Targets were made by the Compensation Committee during the fiscal year.