Technology

Qualcomm CEO gets $3.5 Million after their settlement with Apple

After settling the bitter legal war with Apple, the executive team of Qualcomm received a hefty bonus especially CEO CEO Steve Mollenkopf received 40,794 shares of Qualcomm stock which just converts to  $3,501,757 at Friday’s closing price of $85.84. He made just $20 million in total compensation last year.

Other executives who received bonus are Qualcomm President Christiano Amon (24,930 shares worth $2.1 million), CTO James Thompson (19,264 shares worth $1.65 million), General Counsel Donald Rosenberg (14,165 shares worth $1.2 million), and interim CFO David Wise (2,958 shares worth $253,915).

Surprisingly Qualcomm hasn’t mentioned Apple anywhere in SEC filings but the filing mentions new agreements with one of Qualcomm’s “key customers.” Also, as of now the exact details of the deal is confidential. Both the companies said that this is the one-time payment from Apple to Qualcomm for an agreement which mentions that Apple will be buying chips from Qualcomm for the next 6-8 years.

Earlier this month, Qualcomm revealed in its report that they are expecting additional revenue of between $4.5 billion and $4.7 billion from Apple as a part of the settlement. Also, Qualcomm is planning to increase bonuses to its rank-and-file employees as revealed by the company’s CFO.

Qualcomm stock is up 50% since the settlement which is just a great sign for the shareholders.