Summary
This 8-K filing from L3Harris Technologies (formerly Harris Corporation) reports on executive compensation actions approved on August 23, 2014, by the independent directors of the Board. Specifically, it details the fiscal year 2014 cash payouts under the Annual Incentive Plan and performance share unit award payouts for the 2012-2014 performance period under the Equity Incentive Plan for named executive officers. The compensation actions reflect the achievement of established financial and individual performance targets. For cash payouts, the metrics included consolidated revenue, operating income, and free cash flow for certain executives, and segment-specific performance for others, weighted differently. Equity payouts were based on cumulative operating income and average annual return on invested capital over a three-year period, with adjustments for total shareholder return relative to a peer group.
Key Highlights
- 1Details fiscal 2014 cash incentive payouts for named executive officers based on performance targets.
- 2William M. Brown, CEO, received $1,513,000 in cash incentives for fiscal 2014.
- 3Reports payouts of performance share units (PSUs) for the 2012-2014 performance period.
- 4CEO William M. Brown was awarded 97,502 shares under the Equity Incentive Plan for the 2012-2014 performance period.
- 5Compensation decisions were made by the independent directors and the Management Development and Compensation Committee.
- 6Specific financial metrics used for cash payouts included consolidated revenue, operating income, and free cash flow.
- 7Equity payouts were linked to cumulative operating income and average annual return on invested capital, with total shareholder return as a modifier.