Nvidia general counsel Timothy Teter received total compensation of more than $11 million in fiscal year 2024, up from $9 million in 2023, the chipmaker disclosed in a proxy filing Tuesday.
Larissa Schwartz, Okta's new chief legal officer, raised nearly $9.1 million during the same period, the company said in a proxy statement filed May 9. Last year, the San Francisco-based authentication software provider parted ways with its former longtime general counsel Jonathan Runyan. .
Both companies are embracing the demand for generative AI, a technology that touches on many legal issues, from privacy to copyright.
Nvidia, which created graphics processors that are critical to the development of AI technology, is a chipmaker that has become one of the world's most valuable companies over the past year. Okta is integrating generative AI technology into its authentication software platform.
Teter received approximately $9.7 million in stock compensation and more than $1.3 million in cash in fiscal year 2024, including an annual base salary of approximately $847,000, NVIDIA said. He earned approximately $9.1 million, $7.8 million and $5.2 million from Nvidia from 2023 to 2021, respectively, according to past proxy filings. Mr. Teter is a former Cooley litigation partner who joined Nvidia in 2017.
Mr. Schwartz, a former deputy general counsel at Okta, earned an annual base salary of $450,000 and nearly $192,000 in cash compensation from non-equity incentive plans, the company said. The majority of her salary consisted of more than $8.4 million in stock awards.
Runyan, her predecessor as general counsel, earned nearly $15.8 million in total compensation during her final year at Okta.
Nvidia declined to comment on Teter's compensation. She reached out to Okta for comment, but he did not immediately respond.
Stock prices soar
Okta appointed Schwartz as chief legal officer from Runyan last year. Runyan left Okta and is now co-founder and chief operating officer of Armada Inc., an AI data center startup that emerged from stealth mode in the past. Announced $55 million in funding in December.
Earlier this year, Okta announced it would cut 7% of its workforce, or about 400 people, to cut costs. The company is also grappling with the aftermath of a data breach on its network. Schwartz's Okta stock is worth about $3 million, according to Bloomberg data.
Teter's stake in the company is now worth $292 million, thanks to a rise in NVIDIA's stock price supported by increased demand for AI-related products.
Nvidia is doing well, but it also faces its own challenges, including tighter regulations surrounding the microchip and supercomputer markets and geopolitical tensions between the United States and China.
Bloomberg News reported last year that the Santa Clara, California-based company's new Blackwell chips position Nvidia to continue dominating the AI computing space.
Nvidia has close ties to Cooley, where Teter spent more than 20 years in private practice, Bloomberg Law reported last year.
Cooley Chairman Emeritus and Senior Advisor Stephen Neal is a lead director at Nvidia, a role that earned him nearly $360,000 during fiscal year 2024.
Mark Perry, another former Cooley partner who also serves on Nvidia's board, also received the same total compensation. Perry has sold nearly $22.9 million in Nvidia stock since the beginning of 2023, according to securities filings.
In addition to Teter, NVIDIA has hired other Cooley attorneys, including Deputy General Counsel Rebecca Peters and Ian Cunningham, Senior Corporate Counsel Courtney Hollander, and Senior Litigation Counsel Azadeh Morrison. are doing.
Cooley is also identified as NVIDIA's “general counsel” in the company's 2024 annual report. In its latest proxy filing, Nvidia did not disclose how much legal fees it paid Cooley in the past year.
