2021–2023 Performance Share Unit Payouts 2021–2023 Units 2021–2023 Value Name Position Units Granted % Earned Grant Date Target Value Payout Value Scott C. Donnelly CEO 113,722 200% $ 5,863,506 $17,886,196 Frank T. Connor CFO 33,532 200% $ 1,728,910 $ 5,273,913 E. Robert Lupone General Counsel 14,896 200% $ 768,038 $ 2,342,843 Julie G. Duffy EVP, CHRO 11,285 200% $ 581,855 $ 1,774,905 As shown in the table above and illustrated in the graph below, the payout values of the 2021–2023 awards were well above the grant date values of the awards due to the actual performance achieved on the metrics and a 52.5% increase in Textron’s stock price over the three-year period (3/1/2021 price of $51.56 and 2024 ten-day average of $78.64). As a result, the value of the PSUs at settlement was 305% of their grant date target value. The Textron Inc. 2015 Long Term Incentive Plan (the “Plan”) under which our long-term incentive compensation awards were granted, provides that the maximum amount that may be paid to any individual Plan participant in any calendar year with respect to awards settled in cash is $15 million. Because the payout value for Mr. Donnelly’s PSUs exceeded the Plan’s cash payment limitation, and, in consideration of the Company’s performance over the 2021-2023 period through a challenging business environment under Mr. Donnelly’s leadership, the Committee determined to settle the balance of Mr. Donnelly’s PSU award payout exceeding the cash limit by issuing shares of common stock with a value equal to such balance. 34 TEXTRON 2024 PROXY STATEMENT
RkJQdWJsaXNoZXIy MjQ2MDYz