What is the main purpose of the Special PSUs awarded to CEO William Brennan?

The Special PSUs are a special, one-time performance-based equity award designed to recognize Mr. Brennan's qualifications for executing the company's long-term strategic plan, incentivize achievement of that plan, drive exceptional long-term value creation for shareholders, and ensure his long-term dedication and retention.

What are the key performance metrics for the Special PSUs to vest?

Vesting of the Special PSUs is contingent upon achieving both revenue and stock price growth hurdles over a five-year performance period. Specifically, the award requires Mr. Brennan to meet progressive revenue goals, aiming for trailing four-quarter revenue of up to $5 billion, and corresponding stock price targets, which are set at a substantial premium over recent trading prices.

What happens to the Special PSUs in the event of a change in control of the company?

In the event of a change in control, the performance condition for the Special PSUs will be measured based on the price per Ordinary Share offered in the transaction. If this price meets or exceeds the applicable stock price hurdle for a tranche, that tranche will be deemed achieved. Linear interpolation will apply for performance between stock price hurdles in this scenario. Earned PSUs will convert to a time-based award subject to continued service.

When will the details of the Special PSUs be more fully disclosed?

The detailed terms of the Special PSU award agreement will be filed as an exhibit to Credo Technology Group Holding Ltd's Quarterly Report on Form 10-Q for the fiscal quarter ending August 2, 2026.

CRDO 8-K: Earnings & Results & Leadership Changes

Summary

Credo Technology Group Holding Ltd (CRDO) has filed an 8-K detailing its fiscal year-end results and a significant equity award for its CEO. The company announced financial results for the fiscal year ended May 2, 2026, though specific figures are only referenced as being in an attached press release. Of greater immediate investor interest is the approval of a special performance-based equity award for CEO William Brennan, consisting of performance-based restricted stock units (Special PSUs). This award is intended to incentivize long-term value creation and retention, with a five-year performance period ending June 30, 2031. The Special PSUs are 100% performance-based, contingent on achieving ambitious revenue and stock price growth hurdles. The award design emphasizes substantial outperformance relative to the company's strategic plan, with the potential for Mr. Brennan to earn approximately 1.7 million Ordinary Shares upon meeting these targets, which include reaching $5 billion in trailing four-quarter revenue and significant stock price appreciation.

Key Highlights

1Credo Technology Group Holding Ltd (CRDO) filed an 8-K on June 1, 2026, announcing its fiscal year-end financial results (FYE May 2, 2026) via an attached press release.
2CEO William Brennan has been granted a special, one-time performance-based equity award (Special PSUs) under the 2021 Long-Term Incentive Plan.
3The Special PSUs are designed as a significant retention and incentive tool, with a five-year performance period ending June 30, 2031.
4The award is 100% performance-based, requiring the achievement of both revenue and stock price growth hurdles for vesting.
5The company aims for Mr. Brennan to achieve approximately $5 billion in trailing four-quarter revenue, nearly four-fold its FY2026 revenue, to earn the full award.
6Stock price hurdles are set at substantial premiums to current and recent averages, requiring sustained, progressive stock price appreciation for Mr. Brennan to benefit.
7Specific provisions are in place for change-of-control scenarios, where performance conditions may be measured differently, and linear interpolation will apply for stock price hurdles.

Credo Technology Group Holding Ltd 8-K Report, Financial Results (Jun 1, 2026)

Summary

Key Highlights

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