Summary
This Form 8-K filing from Rockwell Automation, Inc. (ROK) on June 21, 2006, primarily reports on a material definitive agreement related to an incentive bonus arrangement. The agreement is with Joseph D. Swann, Senior Vice President and President of Rockwell Automation Power Systems. The bonus arrangement is tied to the proposed sale of the Company's Power Systems business. The potential bonus for Mr. Swann ranges from $1 million to $6 million, contingent upon the proceeds realized from the sale of this business segment. The filing indicates that the bonus amount is subject to possible downward adjustment.
Key Highlights
- 1Rockwell Automation entered into a material definitive agreement on June 20, 2006.
- 2The agreement is an incentive bonus arrangement for Joseph D. Swann, Senior Vice President and President of Power Systems.
- 3The bonus is directly linked to the proposed sale of the Company's Power Systems business.
- 4The potential bonus amount ranges from $1 million to $6 million.
- 5The bonus payout is contingent upon the proceeds generated from the sale of the Power Systems business.
- 6The agreement specifies that the bonus amount may be subject to downward adjustment.