HARMONIC INC. (NASDAQ:HLIT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory |
Committee) of the board of directors (the Board) of Harmonic Inc.
(the Company), following a review of the Companys executive
compensation program in conjunction with its outside compensation
consultant, approved the adoption of the Harmonic 2017 Executive
and Key Contributor Bonus Plan (the Plan). The participants in
the Plan include the following executive officers of the Company:
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Name
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Position
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Patrick J. Harshman
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President and Chief Executive Officer
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Harold Covert
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Chief Financial Officer
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Nimrod Ben-Natan
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Senior Vice President and General Manager, Cable Edge
Business |
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Neven Haltmayer
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Senior Vice President, Research and Development
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Bart Spriester
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Senior Vice President, Video Products
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is a member of executive management, which includes executive
officers Patrick Harshman, Harold Covert, Nimrod Ben-Natan, Neven
Haltmayer and Bart Spriester as well as other senior employees,
may be paid quarterly, based on performance against the Companys
quarterly and full-year (i) non-GAAP Video operating profit
targets and (ii) non-GAAP bookings targets for CableOS products.
With respect to Mr. Ben-Natan, in addition to the above-specified
Plan targets, payment of his bonus amounts will also be based on
the achievement of a certain strategic milestone and customer
design wins in 2017.
payments will be made with respect to any component of the Plan,
with quarterly bonus payments for any such component not to
exceed 50% of year-to-date achievement. In the event any of the
full-year 2017 target metrics are surpassed, a participant in the
Plan may receive total bonus payments of up to a maximum of 200%
of the portion of such participants target bonus that is related
to that metric. With respect to the other components of Mr.
Ben-Natans bonus determination, achievement of the strategic
milestone is binary and each qualified customer design win would
result in a fixed bonus payment amount.
is as follows:
|
Name
|
2017 Base
Salary
|
Target Bonus
as a % of
Base Salary
|
||
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Patrick J. Harshman
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$514,500
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125%
|
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Harold Covert
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$390,000
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65%
|
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Nimrod Ben-Natan
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$302,426*
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60%
|
||
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Neven Haltmayer
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$329,321
|
57%
|
||
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Bart Spriester
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$334,425
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50%
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that any bonus amount is paid in order to qualify for the bonus
payment. The Compensation Committee, in its sole discretion,
retains the right to amend, supplement, supersede or cancel the
Plan for any reason, and reserves the right to determine whether
and when to pay out any bonus amounts, regardless of the
achievement of the performance targets, and the form of
consideration (i.e., cash or performance-based restricted stock
units).
About HARMONIC INC. (NASDAQ:HLIT)
Harmonic Inc. (Harmonic) designs, manufactures and sells video infrastructure products and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers. Its Cable Edge business sells cable edge solutions and related services to cable operators. The Video segment offers software-based media processing platforms. The products in the video segment include video processing solutions, and video production platforms and playout solutions. The Cabled Edge segment offers products, including edge quadrature amplitude modulation (QAM) products, centralized converged cable access platform (CCAP) Solution and Distributed CCAP Solution. HARMONIC INC. (NASDAQ:HLIT) Recent Trading Information
HARMONIC INC. (NASDAQ:HLIT) closed its last trading session up +0.10 at 5.90 with 438,923 shares trading hands.
