Summary
This 8-K filing from Harris Corporation, dated October 5, 2009, reports a significant change in executive compensation policies. Effective October 2, 2009, the company has decided to discontinue providing tax reimbursement or gross-up payments for any perquisites offered to its executive officers. This policy change specifically targets executive-level benefits and aims to align compensation structures more closely with standard practices. It's important to note that this revision does not impact tax reimbursement policies applicable to a broader base of management employees, such as those related to relocation or expatriate tax equalization. Investors should view this as a move towards cost control and a potential adjustment in the overall executive compensation package.
Key Highlights
- 1Harris Corporation has revised its executive officer compensation policies.
- 2The company will no longer provide tax reimbursement or gross-up payments for executive perquisites.
- 3This change is effective as of October 2, 2009.
- 4Policies for a broad base of management employees, like relocation tax equalization, remain unaffected.
- 5The filing is an 8-K Current Report, indicating a material event.
- 6The filing was made by Harris Corporation, based in Melbourne, Florida.