Eaton Corp plc 8-K, filed Feb 28, 2022
Eaton Corp plc (ETN)
8-K
2022-02-28
For: 2022-02-22
View Original
Added on
April 08, 2026
About this 8-K
Eaton Corp plc filed this 8-K on February 28, 2022, reporting on events of February 22, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 22, 2022
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Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities
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Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
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At a meeting held on February 22, 2022, 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 amount of 2022 incentive compensation awards under the Executive Incentive Compensation Plan (the “Plan”). The Committee set specific Adjusted Earnings Per Share and
Adjusted Operating Cash Flow metrics for the 2022 Plan corporate performance criteria. In addition to these quantitative goals, the Committee may also
consider other performance factors in determining final awards. These include, but are not limited to, performance versus profit plan goals, performance versus that reported for the Company’s peers, and progress toward the execution of the Company’s
growth strategies. The Plan participants consist of the Executive Officers of Eaton Corporation and approximately 2,600 other salaried employees. At the same meeting, the Committee established 2022 incentive target amounts. The individual incentive
targets for the current executive officers who were named in the summary compensation table of the registrant’s 2021 Proxy Statement (the “Named Executive Officers”) range from 78% to 160%.
At the meeting, the Committee also established individual targets and approved grants for the Company’s long-term performance-based incentive program
(“ESIP”) 2022-2024 award period. The 2022-2024 award period opportunities for the Named Executive Officers took the form of performance share units (“PSUs”) and grants at the target level range from 3,725 PSUs to 32,560 PSUs. The actual number of
PSUs earned will depend upon the registrant’s total return to shareholders, assuming reinvestment of dividends (“TSR”), relative to that of a group of 16 peers approved by the Committee at the same meeting. Consistent with historical practices,
participants can earn 0% to 200% of the target number of PSUs.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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Eaton Corporation plc
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Date: February 25, 2022
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/s/ April Miller Boise
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April Miller Boise
Executive Vice President and Chief Legal Officer
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