Eaton Corp. Files 8K - Changes Executive Management
February 24 2017 - 1:02PM
Dow Jones News
Eaton Corp. PLC (ETN) filed a Form 8K - Changes in Company
Executive Management - with the U.S Securities and Exchange
Commission on February 21, 2017.
1. At a meeting held on February 21, 2017, the Compensation and
Organization Committee of the Board of Directors of the registrant
(the "Committee") established corporate performance criteria that
will be used to determine the aggregate maximum amount of 2017
incentive compensation awards under the Senior Executive Incentive
Compensation Plan (the "Plan"). The Plan participants consist of
the Chief Executive Officer of Eaton Corporation and certain other
officers designated by the Committee. At the same meeting, the
Committee established 2017 individual participant percentages of
the aggregate incentive amount and individual incentive target
amounts. Under the Plan, the Committee may use its discretion to
reduce an individual participant's share of the aggregate maximum
amount based on the results relative to corporate and individual
performance goals. For 2017, the aggregate maximum amount has been
set by the Committee equal to 1.5% of the registrant's 2017 net
income. The individual percentage shares of the aggregate maximum
amount for the current executive officers who were named in the
summary compensation table of the registrant's 2016 Proxy Statement
(the "Named Executive Officers") range from 7% to 20% (except to
the extent such amount would exceed the cap on individual awards
set forth in the Plan). Participants in the Plan are not eligible
to participate in the Executive Incentive Compensation Plan, which
covers the remaining officers and approximately 2,700 other
employees.
At the meeting, the Committee also established individual
targets and approved grants for the Company's long-term
performance-based incentive program ("ESIP") performance share unit
Award Period. The target award opportunities for the Named
Executive Officers who will participate in the 2017-2019 Award
Period range from 9,370 target performance share units to 51,340
target performance share units. The actual number of performance
share units earned will depend upon the registrant's total return
to shareholders, assuming reinvestment of dividends ("TSR"),
relative to that of a group of 20 peers approved by the Committee
at the same meeting. Consistent with historical practices, awards
under this plan can range from 0% to 200% of target.
2. On February 22, 2017, Ms. Linda A. Hill informed the Chair of
the Governance Committee of her intention not to stand for
re-election at the upcoming Annual General Meeting of Shareholders
(the "AGM"). Ms. Hill informed the Chair of the Governance
Committee that she would not stand for re-election due to
scheduling conflicts between her responsibilities as a director and
her other commitments such as teaching and other academic
responsibilities. She expressed her full support of the Board and
management of the Company and emphasized that the decision was
based solely on insurmountable schedule conflicts.
The full text of this SEC filing can be retrieved at:
http://www.sec.gov/Archives/edgar/data/1551182/000155118217000056/a8-kgrantsanddirectors.htm
Any exhibits and associated documents for this SEC filing can be
retrieved at:
http://www.sec.gov/Archives/edgar/data/1551182/000155118217000056/0001551182-17-000056-index.htm
Public companies must file a Form 8-K, or current report, with
the SEC generally within four days of any event that could
materially affect a company's financial position or the value of
its shares.
(END) Dow Jones Newswires
February 24, 2017 12:47 ET (17:47 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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