Exhibit 10.1
HARRIS CORPORATION LOGO AND LETTERHEAD
1025 West NASA Boulevard
Melbourne, Florida 32919
Phone: 1-321-724-3900
www. harris. com
HOWARD L. LANCE
Chairman, President
and Chief Executive Officer
July 5, 2005
Mr. Jeffrey S. Shuman
12313 Point Field Drive
Fulton, MD 20759
Dear Jeff:
I am pleased to offer you the position of Vice President Human Resources and Corporate Relations. The following summarizes key compensation components of our offer as well as other benefits offered to Corporate Officers:
1. A base salary of $330,000 per year. Your next compensation review will be in August 2006 and annually thereafter.
2. Incentive compensation in the amount of $230,000 for our fiscal year 2006. The payout will be the higher of 100% or the actual Corporate payout.
3. A Stock Option grant of 26,000 shares of Harris stock. This is a non-qualified stock option that will vest in equal installments over three years. The option price will be set at the closing price on your first day of work.
4. A grant of 27,000 Restricted Shares of Harris stock. These shares will vest in equal installments over three years. You will receive dividend equivalent payments and may vote the shares during the restricted period.
5. A Performance Share Award of 8,500 shares for the FY' 06-' 08 performance cycle. The shares are payable at the completion of the cycle based upon the Management Development and Compensation Committee assessment of performance compared to targets established for the cycle. The Committee will establish the targets at its August 2005 meeting. You will receive dividend equivalent payments and may vote the shares during the award cycle. Performance Share Awards have historically been made annually.
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