Summary
L3Harris Technologies, Inc. (LHX) filed an 8-K on March 4, 2020, primarily detailing compensation arrangements for its senior executives following the company's fiscal transition period, which concluded on January 3, 2020. The Board of Directors and its Compensation Committee approved cash payouts under the Annual Incentive Plan, with awards based on the achievement of pre-established financial performance measures including consolidated earnings before interest and taxes (EBIT), free cash flow, and revenue. These metrics were weighted 40%, 40%, and 20%, respectively, with similar weightings applied to specific business segments for certain executives. Key executives William M. Brown (Chairman and CEO) and Christopher E. Kubasik (Vice Chairman, President, and COO) each received payouts of $1,467,500. Other named executive officers also received payouts, with specific amounts disclosed for Jesus Malave, Jr. ($367,000), Edward J. Zoiss ($388,000), and Todd W. Gautier ($283,000). This filing provides transparency into executive compensation tied to company and segment performance for the specified fiscal transition period.
Key Highlights
- 1L3Harris Technologies approved executive compensation payouts for the fiscal transition period ending January 3, 2020.
- 2Awards were based on achievement of performance measures: consolidated EBIT (40%), free cash flow (40%), and revenue (20%).
- 3Chairman and CEO William M. Brown received a payout of $1,467,500.
- 4Vice Chairman, President, and COO Christopher E. Kubasik received a payout of $1,467,500.
- 5Other named executive officers received payouts including Jesus Malave, Jr. ($367,000), Edward J. Zoiss ($388,000), and Todd W. Gautier ($283,000).
- 6The filing includes the Cover Page Interactive Data File formatted in Inline XBRL as an exhibit.