8-KLeadership ChangesRegulation FDExhibits & Filings

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Executive Changes (Feb 11, 2014)

Filed February 11, 2014For Securities:LHX

Summary

L3Harris Technologies, Inc. (formerly Harris Corporation) announced a significant change in its executive leadership on February 11, 2014, with the appointment of Miguel “Mick” Lopez as the new Senior Vice President, Chief Financial Officer (CFO). Mr. Lopez succeeds Gary L. McArthur, whose departure is amicable and for personal career pursuits. This transition marks the arrival of a CFO with a robust background, including previous CFO roles at Aricent Group and senior finance positions at Cisco Systems and Tyco International, underscoring the company's focus on experienced financial leadership. The filing details Mr. Lopez's compensation package, which includes a base salary of $525,000, eligibility for annual cash incentives, and a significant initial grant of 12,500 restricted stock units vesting in March 2017. Furthermore, he is slated to receive annual equity grants starting in fiscal year 2015 valued at $1,200,000. The agreement also outlines severance provisions in case of termination without cause or constructive termination, as well as benefits related to a change in control, providing a layer of security for the new executive.

Key Highlights

  • 1Appointment of Miguel “Mick” Lopez as Senior Vice President, Chief Financial Officer (CFO).
  • 2Gary L. McArthur departs as CFO to pursue other career opportunities; his departure is amicable.
  • 3Mr. Lopez brings extensive financial experience from prior roles at Aricent Group, Cisco Systems, and Tyco International.
  • 4Mr. Lopez's compensation includes a base salary of $525,000 and a target annual cash incentive of 75% of his base salary.
  • 5Initial equity grant of 12,500 restricted stock units (RSUs) to vest on March 3, 2017.
  • 6Annual equity grants for fiscal year 2015 and beyond are targeted at $1,200,000.
  • 7Employment agreement includes provisions for severance pay upon termination without cause or constructive termination, and a change-in-control agreement.

Frequently Asked Questions

This 8-K filing announces the appointment of Miguel “Mick” Lopez as the new Senior Vice President, Chief Financial Officer (CFO) of L3Harris Technologies, Inc. (then Harris Corporation), replacing Gary L. McArthur.

The new CFO is Miguel “Mick” Lopez. He has a strong financial background, having previously served as CFO of Aricent Group and held senior finance positions at Cisco Systems and Tyco International. He also has experience from IBM Corporation and KPMG.

Mr. Lopez's compensation includes an initial base salary of $525,000, eligibility for an annual cash incentive with a target of 75% of base salary, an initial grant of 12,500 restricted stock units vesting in March 2017, and annual equity grants starting in fiscal year 2015 valued at $1,200,000. He will also receive relocation benefits and a legal fee allowance.

The employment agreement outlines severance provisions if Mr. Lopez's employment is terminated by the Company without cause or by Mr. Lopez due to constructive termination within 24 months of his start date. He would be entitled to a severance payment equal to twice his then-current annual base salary plus target annual cash incentive. He is also entitled to enter into a separate Executive Change in Control Severance Agreement.