Summary
This 8-K filing from Lockheed Martin Corporation primarily details the outcomes of their Annual Meeting of Stockholders held on April 23, 2020. The most significant event for investors is the stockholder approval of the "Lockheed Martin Corporation 2020 Incentive Performance Award Plan" (2020 IPAP). This new plan replaces the 2011 IPAP and sets a limit of 4,500,000 shares for awards payable in common stock, in addition to any unused shares from the previous plan. The plan allows for various forms of awards, including stock options, restricted stock, and cash-based incentives, and will remain in effect until April 22, 2030. In addition to the approval of the new incentive plan, the filing confirms the election of all twelve director nominees to the Board of Directors for the upcoming year. Stockholders also ratified the appointment of Ernst & Young LLP as the company's independent auditors for 2020 and, on an advisory basis, approved the compensation of the named executive officers. A proposal to allow stockholder action by written consent was rejected by the shareholders.
Key Highlights
- 1Lockheed Martin's stockholders approved the new 2020 Incentive Performance Award Plan (2020 IPAP), replacing the 2011 IPAP.
- 2The 2020 IPAP has a cap of 4,500,000 shares for awards payable in stock, plus any remaining shares from the previous plan.
- 3The approved plan allows for a variety of incentive awards, including stock options, restricted stock units, and cash-based awards.
- 4All twelve director nominees were elected to the Board of Directors.
- 5Ernst & Young LLP was ratified as the company's independent auditor for 2020.
- 6Shareholders provided advisory approval for the compensation of named executive officers ('Say-on-Pay').
- 7A stockholder proposal to allow for action by written consent was rejected.