Textron 2021 Proxy Statement

44 TEXTRON 2021 PROXY STATEMENT OUTSTANDING EQUITY AWARDS AT 2020 FISCAL YEAR-END The following table sets forth information with respect to the NEOs concerning unexercised options, stock awards that have not yet vested, and other equity incentive plan awards that have not yet vested as of the end of our 2020 fiscal year. Outstanding Equity Awards at 2020 Fiscal Year-End Option Awards Stock Awards Name Grant Date (1) Number of Securities Underlying Unexercised Options(#) Exercisable Number of Securities Underlying Unexercised Options(#) Unexercisable Option Exercise Price ($) (2) Option Expiration Date Type of Stock Award (3) Grant Year Number of Shares or Units of Stock That Have Not Vested (#) Market Value of Shares or Units of Stock That Have Not Vested ($) (4) Equity Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights That Have Not Vested (#) Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units, or Other Rights That Have Not Vested ($) (5) Scott C. Donnelly 3/1/2020 0 233,913 40.60 3/1/2030 PSU 2020 122,195 5,905,684 3/1/2019 80,807 161,612 54.43 3/1/2029 RSU 2020 61,097 2,952,818 3/1/2018 129,214 64,606 58.24 3/1/2028 PSU 2019 117,480 4,542,247 3/1/2017 219,619 0 49.58 3/1/2027 RSU 2019 70,488 3,406,685 3/1/2016 238,578 0 34.50 3/1/2026 RSU 2018 53,149 2,568,691 3/1/2015 194,546 0 44.31 3/1/2025 RSU 2017 40,233 1,944,461 3/1/2014 222,319 0 39.70 3/1/2024 RSU 2016 23,900 1,155,087 3/1/2013 243,157 0 28.47 3/1/2023 3/1/2012 300,000 0 27.76 3/1/2022 Frank T. Connor 3/1/2020 0 68,972 40.60 3/1/2030 PSU 2020 36,031 1,741,378 3/1/2019 23,827 47,653 54.43 3/1/2029 RSU 2020 18,015 870,665 3/1/2018 37,453 18,726 58.24 3/1/2028 PSU 2019 34,640 1,339,321 3/1/2017 62,591 0 49.58 3/1/2027 RSU 2019 20,784 1,004,491 3/1/2016 68,718 0 34.50 3/1/2026 RSU 2018 15,405 744,524 3/1/2015 56,705 0 44.31 3/1/2025 RSU 2017 11,466 554,152 3/1/2014 63,361 0 39.70 3/1/2024 RSU 2016 6,884 332,704 3/1/2013 72,000 0 28.47 3/1/2023 3/1/2012 91,607 0 27.76 3/1/2022 E. Robert Lupone 3/1/2020 0 29,711 40.60 3/1/2030 PSU 2020 15,521 750,130 3/1/2019 10,264 20,527 54.43 3/1/2029 RSU 2020 7,760 375,041 3/1/2018 16,604 8,302 58.24 3/1/2028 PSU 2019 14,922 576,944 3/1/2017 28,056 0 49.58 3/1/2027 RSU 2019 8,953 432,698 3/1/2016 31,091 0 34.50 3/1/2026 RSU 2018 6,829 330,046 3/1/2015 26,114 0 44.31 3/1/2025 RSU 2017 5,139 248,368 3/1/2014 29,752 0 39.70 3/1/2024 RSU 2016 3,114 150,500 3/1/2013 34,831 0 28.47 3/1/2023 Julie G. Duffy 3/1/2020 0 22,283 40.60 3/1/2030 PSU 2020 11,640 562,561 3/1/2019 7,057 14,112 54.43 3/1/2029 RSU 2020 5,820 281,281 3/1/2018 9,363 4,681 58.24 3/1/2028 PSU 2019 10,259 396,654 3/1/2017 6,260 0 49.58 3/1/2027 RSU 2019 6,155 297,471 3/1/2016 7,009 0 34.50 3/1/2026 RSU 2018 3,851 186,119 3/1/2015 5,727 0 44.31 3/1/2025 RSU 2017 1,146 55,386 RSU 2016 702 33,928 (1) Stock option awards associated with each annual grant vest ratably over three years on each anniversary of the grant date. (2) The exercise price of stock options is equal to the closing price of our common stock on the date of grant. (3) The following types of stock awards are shown in this table: (a) “ PSU ” refers to performance share units. These units reward achievement of long-term goals over a three-year performance period, vesting at the end of the third fiscal year. They are settled in cash and valued based on the average closing price of Textron common stock for the first ten trading days of the fiscal year following vesting. Further information about these awards can be found in the CD&A. (b) “ RSU ” refers to restricted stock units. RSUs granted prior to 2020 vest over five years, in three equal annual installments, beginning on the third anniversary of the grant date. Beginning with 2020 grants, RSUs vest in full on the third anniversary of the grant date. Upon vesting, common stock will be issued to the executive. RSUs are granted with the right to receive dividend equivalents. (4) The market value of RSUs that have not vested as of January 2, 2021 was calculated using the fiscal year-end closing share price of $48.33 multiplied by the number of unvested units as of that date. (5) PSUs granted in 2019 and 2020 vest, to the extent earned, on January 1, 2022 and December 31, 2022, respectively. The market value of PSUs that have not vested as of year-end 2020 was calculated using the fiscal year-end closing share price of $48.33 multiplied by the number of unvested units assuming that 100% of the units are earned and, for PSUs granted in 2019, assuming a median TSR performance modifier for the three-year performance period (representing the target performance level).