Ya and vested over 5 years. See the actual SEC filing copy:
To retain and motivate Hock Tan, President and CEO, and
Charlie Kawwas, President, Semiconductor Solutions Group,
the independent members of the Board granted Mr. Tan and
the Compensation Committee granted Dr. Kawwas performance
stock unit (PSU) awards in fiscal 2023 that require (i)
achievement of formidable stock price performance hurdles
and (ii) continued service over a five-year vesting
period.
Mr. Tan’s fiscal 2023 PSU award was front-loaded to cover
the market-based value of both his annual cash and long-
term incentive opportunities over a period of five years.
Dr. Kawwas’ fiscal 2023 PSU award was also front-loaded
to cover the market-based value of his annual long-term
incentive opportunities over a period of five years. The
annualized GAAP value of these PSU awards was in line
with our compensation peer group benchmarks. During the
five-year vesting period, we do not intend to grant
annual equity awards to Mr. Tan and Dr. Kawwas and Mr.
Tan will not be eligible to receive annual cash incentive
payouts because these PSU awards were front-loaded.
These PSU awards are 100% at risk and deliver value to Mr.
Tan and Dr. Kawwas only if our stockholders receive
significant and sustained value appreciation. Additional
disclosure on the methodology and design of these PSU
awards is provided below in “Compensation Discussion and
Analysis.”