Summary
This Form 8-K filing by Salesforce, Inc. (CRM) on April 1, 2015, primarily reports on the payment of cash bonuses to its named executive officers for fiscal year 2015 performance. The bonuses were awarded based on corporate performance goals and individual achievements, net of mid-year payouts. A significant development also disclosed is the extension of Graham Smith's employment beyond his previously planned retirement date. Mr. Smith will continue as Executive Vice President, advising the CEO on various projects, including those for the Salesforce Foundation. His compensation, benefits, and equity vesting remain unchanged, with a guaranteed 100% of target bonus for fiscal year 2016, prorated if his employment terminates before then. This agreement supersedes prior compensatory arrangements.
Key Highlights
- 1Salesforce paid fiscal year 2015 cash bonuses to named executive officers on March 31, 2015, totaling over $4.7 million.
- 2Bonus amounts were determined by corporate performance goals and individual performance, reflecting results from February 1, 2014, to January 31, 2015.
- 3Marc Benioff, CEO, received the largest bonus payout of $2,096,640 for FY2015.
- 4Graham Smith, former CFO, will continue his employment beyond his planned retirement date of March 31, 2015.
- 5Mr. Smith's continued role will be as Executive Vice President, advising the CEO on strategic projects and the Salesforce Foundation.
- 6Mr. Smith's compensation, benefits, and equity vesting will remain at current levels.
- 7Mr. Smith is guaranteed a fiscal year 2016 bonus equal to 100% of target, prorated based on his continued employment.