Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c) On December 20, 2017, the Board of Directors of QUALCOMM Incorporated (the Company) appointed Cristiano R. Amon to the position of President, Qualcomm Incorporated to be effective on January 4, 2018.
Mr. Amon has worked for the Company for more than 20 years in various leadership positions. Additional information regarding Mr. Amon’s previous business experience is contained in Part I, Item 1 of the Company’s Annual Report on Form 10-K for the fiscal year ended September 24, 2017 under the heading “Executive Officers” and is incorporated herein by reference.
Effective December 20, 2017, Mr. Amon will receive a base salary of $900,000 per year, and will be eligible to receive a bonus under the Company’s 2018 Annual Cash Incentive Plan of 175% of his base salary at target. Also on December 20, 2017, Mr. Amon received a promotion grant of restricted stock units (RSUs) with a grant date fair value of $3 million, which will vest in three equal installments on November 20, 2018, 2019 and 2020, aligning with the vesting of the most recent RSU grants to other executive officers.
Mr. Amon’s brother, Rogerio Amon, serves as a Senior Director, Program Management, Qualcomm Technologies, Inc. Rogerio Amon is compensated according to standard Company practices, including participation in the Company’s employee benefit plans generally made available to employees of a similar responsibility level. During fiscal 2017, Rogerio Amon earned $201,863 in base salary and $40,635 in cash incentives and received restricted stock unit grants totaling 1,641 shares with an aggregate grant date fair value of $112,031.