8-KMaterial AgreementsExhibits & Filings

QUALCOMM INC/DE 8-K Report, Material Agreement (Oct 26, 2005)

Filed October 26, 2005For Securities:QCOM

Summary

QUALCOMM Incorporated (QCOM) has filed an 8-K report on October 26, 2005, detailing an amendment to its Executive Retirement Contribution Plan. The amendment, effective October 21, 2005, expands the plan's eligibility to include non-employee directors, in addition to selected management employees. This plan allows eligible participants to defer the receipt of certain cash compensation, such as director retainers and meeting fees, to a future date. The deferred amounts are subject to investment gains or losses based on deemed investment options provided by the company. This change is significant for non-employee directors as it offers them a mechanism for tax-advantaged retirement savings and compensation deferral, aligning their interests with long-term company performance.

Key Highlights

  • 1QUALCOMM amended its Voluntary Executive Retirement Contribution Plan to include non-employee directors.
  • 2The amendment allows non-employee directors to defer cash compensation, including retainers and meeting fees.
  • 3Deferred compensation amounts are subject to investment gains or losses based on company-offered investment options.
  • 4The plan provides participants with flexibility to choose when they receive their deferred compensation.
  • 5The plan amendment reflects a move to enhance benefits and compensation structure for key individuals, including directors.
  • 6The amended plan was restated on October 21, 2005, and is attached as Exhibit 99.1.

Frequently Asked Questions

The main purpose of the amendment is to extend eligibility for the plan to non-employee directors, allowing them to defer certain cash compensation for retirement or future needs, similar to eligible management employees.

Deferred compensation amounts will be credited to participants' accounts and will be subject to gains or losses based on investment options chosen by the participant from those offered by the company. These amounts represent an obligation of the company to make future payments.

Eligible participants, including non-employee directors, can elect to defer the receipt of certain cash compensation, such as director retainers and meeting fees.

The Voluntary Executive Retirement Contribution Plan was amended and restated on October 21, 2005.