Summary
This 8-K filing from Harris Corporation, dated August 1, 2005, reports on the approval of fiscal year 2005 cash bonus payments for its executive officers. The bonus amounts were determined by the Management Development and Compensation Committee based on pre-established performance criteria for earnings per share, revenue, and operating income. These payments, which were made in fiscal year 2006, are part of the Company's Annual Incentive Plan. Investors can note the specific bonus amounts awarded to key executives, including the CEO, Howard L. Lance. Further details regarding the fiscal year 2005 executive compensation are expected to be disclosed in the Company's proxy statement for the 2005 Annual Meeting of Shareholders, anticipated to be filed in September 2005. This filing provides transparency into the company's incentive compensation structure and its alignment with financial performance targets for the period ending July 1, 2005.
Key Highlights
- 1Harris Corporation's Board of Directors approved fiscal year 2005 cash bonuses for its executive officers on July 27, 2005.
- 2Bonus payments were based on pre-established performance criteria including earnings per share, revenue, and operating income.
- 3CEO Howard L. Lance received a cash bonus of $1,308,320 for fiscal year 2005.
- 4Other named executive officers also received significant bonus payments.
- 5The bonuses were paid under the Company's Annual Incentive Plan.
- 6Payments were made in fiscal year 2006.
- 7Additional executive compensation details for fiscal year 2005 will be in the September 2005 proxy statement.