8-KLeadership Changes

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Executive Changes (Aug 23, 2012)

Filed August 23, 2012For Securities:LHX

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.

Frequently Asked Questions

This 8-K filing formally documents the separation agreement between L3Harris Technologies (Harris Corporation at the time) and its former Senior Vice President, Chief Human Resources and Administrative Officer, Jeffrey S. Shuman, detailing the terms of his departure.

Mr. Shuman will receive his base salary through August 31, 2012, a lump sum severance payment of $477,793, and $130,000 in advisory fees for transition services until January 31, 2013. Additionally, his unvested restricted stock units and performance shares will continue to vest under the terms of the agreement.

Mr. Shuman must release all claims against the company, adhere to confidentiality restrictions, and comply with a two-year non-solicitation restriction, among other restrictive covenants. He is also required to be available to facilitate the transition of responsibilities and perform other requested services.

The company expects to file the complete text of the Separation Agreement as an exhibit to its Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2012.