8-KOther Events

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Corporate Update (Oct 5, 2009)

Filed October 5, 2009For Securities:LHX

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.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce a change in Harris Corporation's executive compensation policies, specifically the discontinuation of tax reimbursement or gross-up payments for executive perquisites.

No, this change specifically applies to executive officers. Tax reimbursement policies for a broader base of management employees, such as those related to relocation or expatriate tax equalization, are not affected.

The revised executive officer compensation policy became effective on October 2, 2009.

Perquisites (perks) are non-wage benefits provided to executives, like company cars or club memberships. Tax reimbursement or gross-up payments are mechanisms used by companies to cover the taxes an executive would owe on such perks, ensuring the executive receives the full benefit value. By discontinuing these, the company is reducing the net value of these benefits to the executives.