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QCOM > SEC Filings for QCOM > Form 8-K on 28-Aug-2014All Recent SEC Filings

Show all filings for QUALCOMM INC/DE

Form 8-K for QUALCOMM INC/DE


28-Aug-2014

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 28, 2014, QUALCOMM Incorporated (the "Company") announced that it appointed John Murphy to serve as its Senior Vice President and Chief Accounting Officer (Principal Accounting Officer), commencing on September 2, 2014. George S. Davis, the Company's Executive Vice President and Chief Financial Officer, also served as the Company's Principal Accounting Officer prior to this appointment. Mr. Murphy, age 46, has served as Senior Vice President, Controller and Chief Accounting Officer of DIRECTV Inc. (a leading provider of digital television entertainment services) since November 2007, and Vice President and General Auditor of DIRECTV Inc. from October 2004 to November 2007. Previously, he served in various finance and accounting positions at several companies including Experian Group Ltd., JDS Uniphase Corporation, Nestle USA Inc. and Atlantic Richfield Corporation. There was not and is not any arrangement or understanding between Mr. Murphy and any other person pursuant to which Mr. Murphy was selected to this position.

Upon joining the Company, Mr. Murphy will receive a base salary of $425,000 per year and be eligible to receive a bonus payment under the Company's Annual Cash Incentive Plan of 50% of his base salary at target (with his bonus for the first year being pro-rated for the portion of the fiscal year that he is employed by the Company). In addition, Mr. Murphy will receive a special bonus of $900,000, payable in two equal installments of $450,000, with the first installment payable within thirty days of his first day of employment with the Company and the second installment payable upon his completion of twelve months of employment with the Company. Mr. Murphy must repay the special bonus if he voluntarily terminates his employment with the Company less than two years after his commencement of employment. Mr. Murphy will also receive a grant of restricted stock units with a grant date fair value of $2,750,000. Further, Mr. Murphy will receive reimbursement of relocation costs and up to 6 months of temporary living and rental car expenses. He will also be eligible to participate in standard Company benefit programs available to similarly situated officers (such as health care coverage, participation in the non-qualified deferred compensation plan (with Company match) and the charitable contribution matching program), subject to standard limitations.


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