Fiscal 2025 Named Executive Officer Compensation
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EX-10.13 3 mrvl-542024exhibit1013.htm EXHIBIT 10.13 Document
Exhibit 10.13
Compensation Arrangements for FY 2025
Named Executive Officers
Marvell Technology, Inc.
Note: The following summary of compensation arrangements does not include all previously-reported compensation arrangements or awards granted under previously-disclosed incentive plans. Disclosures with respect to compensation for Named Executive Officers for the 2024 fiscal year were included in the Company's definitive proxy statement for the Company's 2024 Annual Meeting of Stockholders filed with the SEC on May 8, 2024, and additional disclosures with respect to compensation for Named Executive Officers for the 2025 fiscal year will be included in the Company's definitive proxy statement for the Company's 2025 Annual Meeting of Stockholders.
NAME | TITLE | SALARY ($) | INCENTIVE TARGET (% OF SALARY) | ||||||||
| MATTHEW MURPHY | President and Chief Executive Officer | 1,185,000 | 200 | ||||||||
| RAGHIB HUSSAIN | President, Products and Technologies | 700,000 | 100 | ||||||||
| WILLEM MEINTJES | Chief Financial Officer | 650,000 | 100 | ||||||||
| CHRIS KOOPMANS | Chief Operations Officer | 600,000 | 100 | ||||||||
| MARK CASPER | Chief Legal Officer and Secretary | 530,000 | 90 | ||||||||
Annual Incentive Plan for Fiscal Year 2025 (“AIP”)
The AIP is a cash incentive program that is designed to provide additional focus on the achievement of company goals, align target total cash compensation with actual Company performance, provide competitive total cash targets to attract and retain executive talent, and reward our executives for the achievement of Company goals. Under the AIP the Company’s executive officers are eligible to earn cash incentives based upon the achievement of pre-established performance goals. Total incentive opportunities will be based on achievement of semi-annual targets and will be paid annually. Incentive payouts may range between 0% and 200% of the target incentive opportunity.
The AIP provides for potential payouts based on the following metrics:
• revenue (45%),
• non-GAAP gross margin % (25%), and
• non-GAAP operating income margin % (30%).
If the Company fails to achieve the threshold level for any of the above Company performance goals, no payout is awarded for that goal.
Payouts for the President and Chief Executive Officer and for the Chief Financial Officer will be based solely on the above Company performance goals. Payouts for the other executive officers are based 80% on Company performance goals and 20% on individual performance goals, provided that payouts are capped at target level without regard to above-target individual goal achievements unless the Company achieves at least 100% of the Company’s performance goals. Nevertheless, in its discretion, the
Executive Compensation Committee may reduce the individual component for any executive officer (and increase the component based on Company performance) if it determines doing so would be appropriate in the circumstances.
The Executive Compensation Committee determined that the combined application of all the metrics would make achievement difficult to meet at target and very difficult to meet at maximum payout.
