ParkerVision gives technology officer bonus

ParkerVision Inc.'s chief technology officer was awarded a $100,000 cash performance incentive for meeting certain company goals in 2007.

The Jacksonville-based communications equipment manufacturer's compensation committee approved the award for David Sorrells on Dec. 21, according to a U.S. Securities and Exchange Commission filing made on Dec. 27. The award represents 36 percent of Sorrells' base salary and is almost 50 percent more than the incentive plan award he received in 2006.

The $100,000 award was based on three main corporate performance measures: sales goals, customer support goals and technology goals.

The committee noted Sorrells' work on filing new patents, in particular leading the "intellectual property team in securing issuance of the first d2p patent," an engineering tool that allowed the company to enter into a fee-based engineering design services agreement with White Plains, N.Y.-based ITT Corp.

In 2006, Sorrells' received $272,850 salary and a total compensation of $538,827, according to the 2006 proxy statement filed in July.

The company had a net loss of $13.5 million for the nine months ending Sept. 30 -- a greater loss than the $12.4 million reported for the same time in 2006.
Source: bizjournals.com