Summary
L3Harris Technologies (LHX) reported on August 23, 2012, a material event concerning the departure of Senior Vice President, Chief Human Resources and Administrative Officer, Jeffrey S. Shuman. The company entered into a Separation Agreement and Release of All Claims with Mr. Shuman, formalizing his exit which was previously announced on July 26, 2012. The agreement outlines the financial and equity-related terms of Mr. Shuman's separation. Key aspects include continued salary payment through August 31, 2012, a severance payment of $477,793, and the continued vesting of restricted stock units and performance shares under specific conditions. Mr. Shuman will also receive advisory fees for facilitating the transition until January 31, 2013. This agreement is contingent upon Mr. Shuman releasing all claims against the company and adhering to confidentiality and non-solicitation clauses.
Key Highlights
- 1Formalization of Jeffrey S. Shuman's departure as Senior Vice President, Chief Human Resources and Administrative Officer.
- 2Separation Agreement and Release of All Claims executed with Mr. Shuman.
- 3Mr. Shuman will receive his current base salary through August 31, 2012.
- 4A severance payment of $477,793 is to be paid to Mr. Shuman.
- 5Restricted stock units and performance shares will continue to vest post-separation, subject to conditions.
- 6Mr. Shuman will receive $130,000 in advisory fees for transition assistance until January 31, 2013.
- 7The agreement includes a release of all claims by Mr. Shuman, confidentiality, and non-solicitation restrictions.