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The president of Harris Corp.’s RF Communications division will receive a cash payout totaling $318,000 for fiscal 2012. Dana Mehnert’s base salary now totals $485,000, a Securities and Exchange Commission filing shows.
The payout was approved under Harris Corp.’s annual incentive plan based on segment revenue and operating income. Mehnert also received a performance share payout of 16,750 shares.
For fiscal 2013, the approved maximum cash award level for Mehnert is $660,000, according to the SEC filing. Harris Corp.’s compensation committee may adjust the financial payout calculations for the Harris RF chief up or down by as much as 20 percent based on individual performance objectives.
Mehnert also is slated to receive fiscal 2013 stock options for 53,600 shares. The options granted have a 10-year term and vest over a period of three years. The maximum grants of performance share unit awards for Mehnert total 27,000, the document states.
Mehnert became president of RF Communications in July 2006 after more than two decades at the firm. He succeeded Chester Massari.
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