8-KLeadership ChangesRegulation FDExhibits & Filings

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Executive Changes (Jan 24, 2022)

Filed January 24, 2022For Securities:LHX

Summary

L3Harris Technologies, Inc. (LHX) has announced a significant leadership change within its finance department via an 8-K filing dated January 24, 2022. The company has appointed Michelle L. Turner as its new Senior Vice President and Chief Financial Officer (CFO), effective January 24, 2022. Ms. Turner replaces Jesus “Jay” Malave, whose departure is amicable and unrelated to any financial disagreements. Ms. Turner brings extensive financial expertise to L3Harris, having previously held CFO and senior finance roles at major corporations such as Johnson & Johnson, BHP Billiton, and Raytheon Company. In connection with her appointment, L3Harris has entered into an offer letter agreement with Ms. Turner, detailing her compensation package. This includes a base salary of $750,000, target annual cash incentives of 100% of base salary, and target annual equity awards valued at $2.5 million. Additionally, she will receive a one-time equity award grant valued at $2.7 million and a $750,000 sign-on bonus. The filing also outlines severance provisions under L3Harris's standard Severance Pay Plan and Executive Change in Control Severance Plan. The report also details the separation agreement with Mr. Malave, confirming the forfeiture of his unvested equity and any 2021 cash bonus, and outlining conditional waivers for his non-compete and non-solicitation clauses.

Key Highlights

  • 1Appointment of Michelle L. Turner as new Senior Vice President and Chief Financial Officer (CFO) effective January 24, 2022.
  • 2Departure of former CFO Jesus “Jay” Malave, described as amicable and without financial disagreement.
  • 3Ms. Turner possesses significant experience, including prior CFO roles at Johnson & Johnson and Raytheon Company.
  • 4Ms. Turner's compensation package includes a $750,000 base salary, 100% target annual cash incentive, and $2.5 million target annual equity award.
  • 5A one-time equity grant valued at $2.7 million and a $750,000 sign-on bonus are part of Ms. Turner's new role.
  • 6Details of severance benefits for Ms. Turner under company plans for involuntary termination and change in control scenarios.
  • 7Mr. Malave's separation agreement includes forfeiture of unvested equity and 2021 bonus, with conditional waivers on restrictive covenants.

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