Comtech Telecommunications Corp. 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Comtech Telecommunications Corp. on September 19, 2006. The report discloses the approval of fiscal 2006 executive bonus awards and the announcement of a director's departure from the Board.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation awards for the fiscal 2006 period.
Material Changes and Executive Compensation
On September 19, 2006, the Executive Compensation Committee approved the following cash bonus awards for Named Executive Officers:
- Fred Kornberg (Chairman, CEO, President): $2,597,219
- Robert G. Rouse (EVP, COO): $1,113,094
- Robert L. McCollum: $750,000
- Richard L. Burt: $285,000
- Michael D. Porcelain: $280,000
Awards were based in part on the Committee's discretionary authority under employment agreements.
Corporate Governance Changes
Dr. George Bugliarello, a director since 1977, notified the Company he will not stand for re-election at the 2006 Annual Meeting of Stockholders. He serves as President Emeritus and University Professor at Polytechnic University.
Investor Verification Checklist
- Verify the total cash outflow impact of the approved bonuses on the Company's Q4 2006 or FY 2006 financial statements.
- Confirm the composition of the Board of Directors following Dr. Bugliarello's departure.
- Review the Company's most recent Proxy Statement for details on the employment agreements and bonus criteria for the Named Executive Officers.