What were the main purposes of the approved incentive plans?

The Harris Corporation 2015 Equity Incentive Plan and the Harris Corporation Annual Incentive Plan were approved by shareholders to provide a framework for incentivizing and compensating officers and employees. These plans are typically designed to align compensation with company performance, encourage long-term commitment, and reward achievement of strategic goals.

What was the outcome of the advisory vote on executive compensation?

Shareholders voted on a non-binding, advisory basis to approve the compensation of the Company's named executive officers. The results indicate strong support, with a significant majority of votes cast in favor of the compensation as disclosed in the proxy statement.

Were there any changes to the compensation of the company's directors?

Yes, the Board of Directors approved a $25,000 increase in the annual cash retainer for non-employee directors. This raises the retainer from $55,000 to $80,000, effective January 1, 2016. This change was recommended by the Corporate Governance Committee.

What is the significance of ratifying the independent auditor?

Ratifying the appointment of Ernst & Young LLP as the independent registered public accounting firm is a standard corporate governance procedure. It signifies shareholder confidence in the auditor's independence and competence to perform the audit for the upcoming fiscal year, ensuring the integrity of the company's financial reporting.

LHX 8-K: Leadership Changes & Shareholder Matters

Summary

L3Harris Technologies, Inc. (formerly Harris Corporation) filed this 8-K on October 28, 2015, to report on key events from its Annual Meeting of Shareholders held on October 23, 2015. The primary focus of this filing is the shareholder approval of two new incentive plans: the Harris Corporation 2015 Equity Incentive Plan and the Harris Corporation Annual Incentive Plan. These plans are designed to align executive and employee compensation with company performance and shareholder value, a common practice for public companies seeking to incentivize and retain key talent. Additionally, the filing provides detailed voting results for various proposals, including the election of twelve directors to the Board, an advisory vote on executive compensation, and the ratification of the independent registered public accounting firm, Ernst & Young LLP. The company also announced a significant increase in the annual cash retainer for its non-employee directors, effective January 1, 2016. Overall, this report reflects routine corporate governance activities and compensation-related decisions.

Key Highlights

1Shareholder approval of the Harris Corporation 2015 Equity Incentive Plan.
2Shareholder approval of the Harris Corporation Annual Incentive Plan.
3Election of twelve nominees to the Board of Directors for a one-year term.
4Shareholders approved the compensation of named executive officers on an advisory basis.
5Ratification of Ernst & Young LLP as the independent registered public accounting firm for fiscal year ending July 1, 2016.
6Increase of $25,000 in the annual cash retainer for non-employee directors, effective January 1, 2016.

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Executive Changes (Oct 28, 2015)

Summary

Key Highlights

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