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Qorvo, Inc. (NASDAQ:QRVO) disclosed Friday that its Compensation Committee approved a retention bonus agreement for Grant A. Brown, the company’s Senior Vice President and Chief Financial Officer, in connection with the planned merger between Qorvo and Skyworks Solutions, Inc.
According to a statement based on a recent SEC filing, Mr. Brown will receive a cash retention payment totaling $986,226. Sixty percent of the bonus will be paid upon completion of the merger, with the remaining forty percent payable six months after the merger’s closing, provided Mr. Brown remains employed through those dates.
The agreement also specifies that if Mr. Brown’s employment is terminated without cause by Qorvo, Skyworks, or a successor entity, or if he resigns for good reason as defined in the agreement prior to a scheduled payment date, the unpaid portion of the retention bonus will be paid at the time of termination.
The retention bonus arrangement was approved on November 22 by Qorvo’s Compensation Committee and is intended to support continuity during the merger process. The company stated that the full text of the agreement will be included as an exhibit to its quarterly report for the period ending December 27, 2025.
This information is based on a press release statement contained in the company’s filing with the Securities and Exchange Commission.
In other recent news, Qorvo Inc . reported its fiscal second-quarter 2026 earnings, exceeding expectations for earnings per share (EPS) but falling short on revenue forecasts. The company posted an EPS of $2.22, surpassing the anticipated $2.03, while revenue was reported at $1.059 billion, slightly missing the forecasted $1.03 billion. This follows Qorvo’s better-than-expected quarterly results, which led Stifel to maintain its Hold rating with a price target of $88.00. In related developments, Skyworks Solutions has made an acquisition offer for Qorvo, proposing $32.50 in cash and 0.960 Skyworks shares per Qorvo share. This offer prompted Mizuho to upgrade Qorvo’s stock rating from Underperform to Neutral, raising its price target to $93.00. Skyworks Solutions also saw its rating upgraded to Neutral by Mizuho, with a new price target of $73.00, as the merger is expected to create significant synergies. Additionally, JPMorgan upgraded Qorvo’s stock to Neutral, citing over 10% content growth in the iPhone 17. These developments highlight the dynamic landscape for Qorvo and Skyworks in the tech industry.
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