To: marginmike who wrote (5646 ) 1/25/2000 4:36:00 PM From: LBstocks Respond to of 13582
Qualcomm CEO Gets $35.4 Mln Compensation Package WASHINGTON (Reuters) - Irwin Jacobs, chairman and chief executive of wireless communications giant Qualcomm Inc. (NasdaqNM:QCOM - news), received a $35.4 million compensation package in fiscal 1999 as a reward for the company's stellar performance. Jacobs, 66, received $773,085 in salary and a $975,000 bonus for the 1999 fiscal year which ended Sept. 26, according to the company's proxy filed with the Securities and Exchange Commission on Tuesday. Jacobs also received a stock option grant to purchase 400,000 shares of Qualcomm common stock at an exercise price of $83.50 a share, worth about $33.4 million at that price. Yet, the shares could be worth much more since the price of the San Diego-based company's stock has soared to as much as $200 a share this year. Qualcomm shares were recently up $8.50 at about $148.5625 a share on Nasdaq. Qualcomm's compensation committee praised Jacobs for leading the company to a 17 percent increase in revenue and a 73 percent rise in earnings per share over the 1998 fiscal year. ``Additionally, the company accomplished major strategic achievements in its respective business lines and overall strategy,' the proxy said. Jacobs also received $302,909 in other compensation which includes matching 401(k) contributions, executive benefits payments, executive retirement stock matching, financial planning services and split-dollar life insurance. Additionally, Jacobs held 4.56 million in unexercised in-the-money options worth an estimated $194.6 million at the end of the 1999 fiscal year and another four million in unexerciseable in-the-money options worth about $162.3 million, the filing showed. Jacobs, who has been Qualcomm's chairman and chief executive since July 1985, did not acquire any shares on exercise during the 1999 fiscal year, according to the filing. dailynews.yahoo.com