UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 31, 2020 (
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
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| Item 5.02 | Regulation FD Disclosure. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 28, 2020, the Compensation Committee of the Board of Directors of Broadcom Inc. (the “Company”), with input from its independent compensation consultant, Compensia, Inc., approved the following increases in (i) annual base salary, in each case effective as of February 15, 2020, and (ii) target bonus percentage under the Company’s annual cash performance bonus plan for executives (“APB Plan”) for its fiscal year ending November 1, 2020 (“Fiscal Year 2020”), for the named executive officers (“NEOs”) of the Company listed below:
| NEO |
Title |
Current Annual |
Annual Base |
Prior APB |
New APB |
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| Thomas H. Krause, Jr. |
Chief Financial Officer |
$ | 400,000 |
$ | 500,000 |
75 |
% | 100 |
% | |||||||||
| Charlie B. Kawwas, Ph.D. |
SVP & Chief Sales Officer |
$ | 488,529 |
$ | 500,000 |
75 |
% | 100 |
% | |||||||||
| Mark D. Brazeal |
Chief Legal Officer |
$ | 450,000 |
$ | 500,000 |
60 |
% | 100 |
% | |||||||||
On January 31, 2020, the Board of Directors, upon the recommendation of the Compensation Committee, approved an increase of $100,000 in the annual base salary for Hock E. Tan, the Company’s President and Chief Executive Officer, resulting in annual base salary of $1,200,000, effective February 15, 2020, and an increase in Mr. Tan’s target bonus percentage under the APB Plan for Fiscal Year 2020 from 150% of annual base salary to 200% of annual base salary.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| BROADCOM INC. | ||||||
| Date: January 31, 2020 |
By: |
/s/ Hock E. Tan | ||||
| Name: |
Hock E. Tan | |||||
| Title: |
President and Chief Executive Officer | |||||