SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
______________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): December
21, 2007
PARKERVISION,
INC.
(Exact
Name of Registrant as Specified in Charter)
|
Florida
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0-22904
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59-2971472
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(State
or Other Jurisdiction of Incorporation)
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|
(Commission
File
Number)
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|
(IRS
Employer Identification No.)
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7915
Baymeadows Way, Suite 400, Jacksonville, Florida
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32256
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|
(Address
of Principal Executive Offices)
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(Zip
Code)
|
Registrant’s
telephone number, including area code (904)
737-1367
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Item
5.02 — Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On
December 21, 2007,
the
Compensation Committee (the “Committee”) of the Board of Directors of
ParkerVision, Inc. approved a 2007 cash performance incentive award of $100,000
for the company’s Chief Technology Officer, Mr. David Sorrells. The Committee
considered both corporate and individual performance measures in determining
the
award, which represents approximately 36% of Mr. Sorrells’ base salary. The
corporate performance measures included (i) sales goals, as measured by design
wins with target customers, (ii) customer support goals, as measured by
performance against specified customer statements of work (iii) technology
goals, as measured by integrated circuit design achievements against specified
marketing requirements documents and (iv) financial goals, as measured by
performance against operating expense and cash flow budgets.
In
addition to the corporate measures stated above, the Committee considered Mr.
Sorrells’ significant level of technical achievement in 2007 including his work
with the patent office in filing new patents, his ability to guide the
intellectual property team in securing issuance of the first d2p patent, his
individual contribution to the development program with ITT Corporation and
his
significant level of contribution to support the technological aspects of
business dealings with target customers. Furthermore, the Committee took into
consideration the fact that 200,000 of Mr. Sorrells’ share options, with an
exercise price of $15.13, expired unexercised in the last 18 months.
The
Committee plans to finalize awards to other named executive officers following
the end of year at which time the Committee will be able to more fully assess
individual achievement as it relates to sales and other corporate goals.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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PARKERVISION, INC. |
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| Dated: December
27, 2007 |
By: |
/s/ Cynthia
Poehlman |
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Cynthia
Poehlman |
| |
Chief
Financial Officer |