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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: marginmike who wrote (6204)	1/15/2001 7:02:28 PM
From: William Hunt	Respond to of 196772

Qualcomm's CEO Jacobs Received $53.2 Mln in Options During 2000 By Daniel Goldstein Washington, Jan. 11 (Bloomberg) -- Qualcomm Inc., whose shares dropped 53 percent last year, gave Chief Executive and Chairman Irwin Mark Jacobs options worth as much as $53.2 million in 2000, a regulatory filing said. Jacobs, 67, got $2.4 million in salary, bonus and other compensation compared with $2.1 million in total compensation in 1999. Jacobs got about $873,000 in salary compared with a salary of $773,000 in 1999, a gain of about 13 percent. Jacobs' yearly bonus slipped to $851,000 from $975,000 in 1999. The figures were reported in documents that the wireless communications and chip making company filed today with the Securities and Exchange Commission. Jacobs also received a 10-year grant of options to buy 400,000 shares of Qualcomm stock at an exercise price of $83.50 a share. The option grant, which runs until November 2009, however isn't profitably exercisable because the company's shares are trading below the exercise price. San Diego-based Qualcomm shares today fell $1.88 to $70.56. The shares have fallen 14 percent since the beginning of the year. The options could be worth as much as $53.2 million if the shares rise 10 percent a year. If the shares rise 5 percent a year, the grant would be worth about $21 million, the filing said. Unused Sick Time As of last September, Jacobs had about $402 million in exercisable options, plus $174.5 million in options that are unexerciseable, the filing said. Jacobs didn't receive any options last year. Jacobs received about $453,000 in what the company described as ``payout of accrued personal time.'' The payments went to all employees for unused sick time over several years based on their hourly rates, said Julie Cunningham, a company spokeswoman. ``There's very little controversy in this proxy at all,'' said Cunningham. Other top Qualcomm executives, such as Richard Sulpizio, the company's president and chief operating officer, got about $112,000 for ``accrued personal time,'' today's filing said. Qualcomm estimated the value of the options for its top executives on their potential profits if company shares rise a certain percentage during the term of the option grants. Some other companies use a formula that estimates the value of options the day the board awards them. In November, Qualcomm said fiscal fourth-quarter earnings rose 2 percent. Net income rose to $138.7 million, or 17 cents a share, from $136.0 million, or 18 cents, a year earlier. Revenue in the quarter ended Sept. 30 fell 40 percent to $635.4 million from $1.06 billion as Qualcomm sold its phone-making business. Sales from continuing operations were down from $716.3 million a year earlier and $713.5 million in the fiscal third quarter. Qualcomm's revenue fell after the government of South Korea, Qualcomm's biggest market, banned mobile-phone discounts, cutting demand. BEST WISHES BILL