Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On May 20, 2020, Corning Incorporated (the "Company") announced temporary
compensation actions in response to the impact of the global COVID-19 pandemic
on the Company. Effective June 1, 2020, the base salary of the Company's CEO
will be reduced by 40% and each of the other named executive officers' salary
will be reduced by 30%. Each non-employee director's cash compensation will be
reduced by 40%. Additionally, the Company is taking action to reduce the
salaries, from 5% to 30%, for all other salaried employees in the United States
from June 1, 2020 through December 31, 2020. The Company will take similar
actions outside the United States based on local regulations and mutual consent
requirements. The Company is taking these and other actions to preserve cash in
2020, and will issue equity to each employee, including the named executive
officers, in the form of restricted stock units and stock options, in an amount
equivalent to the employee's salary reduction on the grant date. Similarly, each
non-employee director will receive restricted stock units in an amount
equivalent to the director's fee reduction.
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