Qualcomm’s executives received stock bonuses after settling the multi-billion dollar legal battle with Apple last month, according to media reports.
The bonuses were revealed in a filing made by the San Diego-based wireless pioneer with the U.S. Securities and Exchange Commission on Friday.
Qualcomm CEO Steve Mollenkopf received 40,794 shares of Qualcomm stock, the largest bonus. That was worth $3.5 million at Friday’s closing price, but less now after Monday’s trade-war selloff.
“In making these grants, the compensation committee considered the anticipated long-term stockholder value resulting from these agreements with one of the company’s key customers,” Qualcomm explained in the SEC filing.
The settlement announced in San Diego last month includes a six-year global patent licensing agreement with Apple with an option to extend for two additional years, as well as a a multi-year chip-supply agreement. In addition, Apple will pay Qualcomm nearly $5 billion.
Other executives receiving bonuses were President Cristiano Amon, 24,930 shares; CTO James Thompson, 19,264 shares; General Counsel Donald Rosenberg, 14,165 shares; and interim CFO David Wise, 2,958 shares.
>> Subscribe to Times of San Diego’s free daily email newsletter! Click hereFollow Us: