The smartphone chip maker disclosed Thursday it had awarded $95 million worth of special stock grants to its two top executives last year, citing aggressive attempts by rivals to recruit its senior managers.
The company, in a proxy statement filed Thursday with the Securities and Exchange Commission, said CEO Steve Mollenkopf received what the company called “front-loaded” restricted shares vesting over five years that the company valued at $30 million, or $6 million annually. He received additional restricted stock units, valued at $20 million, that vest on the third, fourth and fifth anniversaries of the grant dates, the company said.