8-KLeadership Changes

INTEL CORP 8-K Report, Executive Changes (Mar 15, 2019)

Filed March 15, 2019For Securities:INTC

Summary

This Intel Corporation (INTC) 8-K filing from March 15, 2019, discloses the approval of special performance-based equity awards for two key executives: Venkata ("Murthy") Renduchintala and Navin Shenoy. These awards, consisting of performance-based restricted stock units (PSUs) and performance-based stock options, are designed to align executive incentives with stockholder interests and promote retention during a period of company transformation. The grants are structured similarly to those previously awarded to CEO Robert H. Swan. The PSUs are tied to Intel's stock price appreciation over a five-year period and can vest for up to 300,000 shares per executive. The stock options have a four-year vesting schedule and are contingent upon Intel's stock price achieving a 30% premium over its February 1, 2019, closing price for 30 consecutive trading days within a five-year window, otherwise they will expire.

Key Highlights

  • 1Intel granted special performance-based equity awards to executives Murthy Renduchintala and Navin Shenoy.
  • 2The awards include performance-based restricted stock units (PSUs) and performance-based stock options.
  • 3The PSU grants are tied to Intel's stock price appreciation over a five-year period, with a target of 150,000 shares and a maximum of 300,000 shares each.
  • 4Performance options require Intel's stock price to be 30% above its February 1, 2019, closing price for 30 consecutive trading days within a five-year period to become exercisable.
  • 5The equity awards aim to align executive incentives with long-term stockholder interests and support executive retention.
  • 6The terms and conditions of these awards are substantially similar to those granted to CEO Robert H. Swan earlier in the year.
  • 7The grants are made under Intel’s 2006 Equity Incentive Plan.

Frequently Asked Questions

Venkata ("Murthy") Renduchintala, Executive Vice President, Group President, Technology, Systems Architecture and Client Group, and Chief Engineering Officer, and Navin Shenoy, Executive Vice President, General Manager, Data Center Group, received these awards.

The executives received performance-based restricted stock units (PSUs) and performance-based stock options.

The performance options will become exercisable only if Intel's closing stock price trades at 30% or more above the closing stock price on February 1, 2019, for 30 consecutive trading days within the five-year period following February 1, 2019. If this condition is not met by the end of the five-year period, the options will expire and be cancelled.

The terms and conditions of these performance-based equity awards are substantially similar to the performance-based equity awards granted to CEO Robert H. Swan on February 1, 2019.