Intel elects BlackRock co-founder Novick to board; tightens CEO equity hurdles and NEO comp program

INTEL CORP

Barbara G. Novick, BlackRock co-founder, elected to Intel board effective Dec 1, 2022 as independent director.
CEO Gelsinger's performance options hurdle raised from 30% ($64.54) to 50% ($74.47); maintenance period extended to 90 days.
Strategic Growth and Outperformance PSUs: removed 3-year vesting, now vest at 5-year anniversary only if hurdle met; maintenance 90 days.
NEO LTI mix shifted to 60% PSUs/40% RSUs for non-CEO (previously 50/50); RSU vesting changed to 3 annual installments.
Commitments: by 2025 PSUs based on multi-year goals; no future new-hire solely stock-price based; cap at 100% if goals modified.

item 5.02 item 7.01 item 8.01 item 9.01

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Appointed

Barbara G. Novick

Director

INTC · INTEL CORP

Effective: 2022-12-01
Filed: November 22, 2022, 6:59 PM ET

the Board elected Barbara G. Novick to the Board, effective December 1, 2022

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Barbara G. Novick was elected as Director at INTEL CORP.

Action: elected
Role: Director

Exact text from the filing

the Board elected Barbara G. Novick to the Board, effective December 1, 2022

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INTEL CORP filing history →

Source: SEC EDGAR

accession 0001193125-22-290385

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