Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 21, 2020, the Compensation and Organization Committee of the Board of
Directors took action to reduce the third quarter base salaries of Craig Arnold,
Chairman and Chief Executive Officer, and all other officers, including each of
the Named Executive Officers, by approximately 23% and 8%, respectively. The
reductions will have retroactive effect to July 1, 2020.
On July 22, 2020, the Board of Directors took action to reduce the second
quarter cash retainer for all non-employee directors by 25% to $28,125. The
Board directed that the unpaid portion of the second quarter retainer be
designated to assist Eaton employees in a manner to be determined by
management.
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