8-KLeadership ChangesExhibits & Filings

LOCKHEED MARTIN CORP 8-K Report, Executive Changes (Jul 12, 2022)

Filed July 12, 2022For Securities:LMT

Summary

Lockheed Martin Corporation (LMT) announced a significant addition to its Board of Directors with the election of Vincent R. Stewart, effective July 15, 2022. Mr. Stewart, a retired Lieutenant General with extensive experience in defense and intelligence, will serve on the company's Classified Business and Security Committee. His background includes leadership roles at U.S. Cyber Command and the Defense Intelligence Agency, as well as current board positions with other public companies and a global business advisory firm. The appointment of Mr. Stewart, deemed an independent director, is expected to bring valuable expertise to Lockheed Martin's strategic decision-making, particularly concerning sensitive and classified business operations. Investors can view his compensation will be in line with the company's standard arrangements for non-employee directors, including equity grants and deferred compensation plans, as well as standard indemnification agreements.

Key Highlights

  • 1Vincent R. Stewart elected to Lockheed Martin's Board of Directors, effective July 15, 2022.
  • 2Mr. Stewart will serve on the Classified Business and Security Committee.
  • 3The Board has determined Mr. Stewart to be an independent director.
  • 4Mr. Stewart brings extensive experience from U.S. Cyber Command and the Defense Intelligence Agency.
  • 5He currently serves on the boards of KBR, Inc. and American Public Education, Inc., among others.
  • 6Stewart's compensation will follow the company's standard non-employee director package.
  • 7The appointment is detailed in a press release filed as an exhibit.

Frequently Asked Questions

Vincent R. Stewart is a retired Lieutenant General with over 38 years of service in the U.S. Marine Corps. His extensive background includes serving as Deputy Commander at U.S. Cyber Command and Director of the Defense Intelligence Agency. He also has experience in the private sector, currently serving as a non-executive director at Ankura and on the boards of KBR, Inc., American Public Education, Inc., and ShoulderUp Technology Acquisition Corp.

Mr. Stewart's appointment is significant due to his deep expertise in national security, intelligence, and cyber operations, which aligns directly with Lockheed Martin's core business. His role on the Classified Business and Security Committee will provide valuable insights and oversight in these critical areas.

Mr. Stewart will receive the company's standard compensation for non-employee directors. This includes equity grants made under the company's directors equity plan and eligibility for deferred compensation. He will also be covered by the company's standard director indemnification agreement.

Mr. Stewart's election to the Board of Directors is effective July 15, 2022.