Summary
NVIDIA Corporation has filed an 8-K report detailing the variable compensation awards authorized by its Compensation Committee for the fiscal year ended January 30, 2005. Notably, while executive officers will receive cash bonuses based on individual performance, the company did not meet its corporate performance targets for revenue and gross margin, thus foregoing variable compensation tied to these metrics. These individual performance awards are scheduled to be paid out in the first quarter of fiscal year 2006. The filing provides specific bonus amounts for named executive officers, including CEO Jen-Hsun Huang, CFO Marvin D. Burkett, and others, reflecting their achievements against established individual objectives.
Key Highlights
- 1NVIDIA authorized cash payment of variable compensation awards for fiscal year ended January 30, 2005.
- 2Awards were based 50% on individual performance and 50% on corporate performance (revenue and gross margin targets).
- 3The company did not achieve its corporate performance targets, meaning no variable compensation was awarded based on corporate results.
- 4Named executive officers will receive awards solely based on their individual performance.
- 5CEO Jen-Hsun Huang is set to receive a $480,000 bonus based on individual performance.
- 6The variable performance awards will be paid out during the first quarter of fiscal year 2006.
- 7CFO Marvin D. Burkett signed the Form 8-K on behalf of the company.