EATON CORPORATION plc
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(Exact name of registrant as specified in its charter)
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Ireland
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000-54863
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98-1059235
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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Eaton House,
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30 Pembroke Road,
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Dublin 4,
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Ireland
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D04 Y0C2
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(Address of principal executive offices)
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(Zip Code)
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+353
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1637 2900
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(Registrant’s telephone number, including area code)
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Not applicable
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(Former name or former address, if changed since last report)
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1.
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On February 20, 2020, Mr. Todd M. Bluedorn notified Craig Arnold, Chairman and Chief Executive Officer, of his intention not to stand for re-election to the Board of Directors at the upcoming Annual General Meeting of Shareholders. He expressed his full support of the Board and management of the Company and emphasized that the decision was based solely on time constraints and other board obligations.
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2.
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At a meeting held on February 25, 2020, 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 2020 incentive compensation awards under the Executive Incentive Compensation Plan (the “Plan”). Corporate performance criteria are tied to Adjusted Earnings Per Share and Cash Flow Return on Gross Capital metrics. 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 corporation’s growth strategies. The Plan participants consist of the Executive Officers of Eaton Corporation and approximately 2,800 other salaried employees. At the same meeting, the Committee established 2020 incentive target amounts. The individual incentive targets for the current executive officers who were named in the summary compensation table of the registrant’s 2019 Proxy Statement (the “Named Executive Officers”) range from 100% to 160%.
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Eaton Corporation plc
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Date:
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February 26, 2020
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By:
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/s/ Nigel Crawford
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Nigel Crawford
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Vice President and Secretary
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