Corporate GovernanceJun 9, 2026, 06:07 AM
Qorvo Approves FY2027 Performance-Based Stock Awards
AI Summary
Qorvo, Inc.'s Compensation Committee approved performance-based restricted stock units (PBRSUs) for fiscal year 2027 for its named executive officers, with a fair market value of $103.97 per share. These awards are tied to key financial metrics, including non-GAAP operating income (50%), gross margin (25%), and revenue (25%), over one-year to three-year performance periods. This structure was adopted in response to shareholder feedback from the 2025 annual meeting, removing objectives-based metrics used previously. Additionally, a retention award was granted to Mr. Philip J. Chesley, comprising 9,618 service-based restricted stock units and 9,618 PBRSUs linked to organic HPA revenue growth.
Key Highlights
- Qorvo's Compensation Committee approved FY2027 performance-based restricted stock units (PBRSUs) for named executive officers.
- The fair market value for each PBRSU share was set at $103.97, based on the June 4, 2026 closing price.
- 50% of PBRSUs are based on non-GAAP operating income over FY2027-2029.
- 25% of PBRSUs are based on gross margin over FY2027-2029.
- 25% of PBRSUs are based on revenue over FY2029.
- Officers can earn up to 200% of target PBRSUs for each financial metric.
- A retention award for Mr. Chesley includes 9,618 service-based RSUs and 9,618 PBRSUs.
- Mr. Chesley's PBRSUs are based on organic HPA revenue growth over FY2027-2028, with up to 100% earning potential.
Price Impact
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