(4) The market value of RSUs that have not vested as of December 30, 2023 was calculated using the fiscal year-end closing share price of $80.42 multiplied by the number of unvested units. (5) PSUs granted in 2022 and 2023 vest, to the extent earned, on December 28, 2024 and January 3, 2026, respectively. The numbers of PSUs and the related values as of December 30, 2023 represent the units earned and payout value at maximum for both the 2022-2024 and 2023-2025 three-year performance periods, rather than the units earned and payout value at target, in accordance with SEC rules requiring reporting of these amounts in this manner because our performance exceeded target during the previous fiscal year. The payout values shown were determined by multiplying the 2023 fiscal year end closing price of our common stock of $80.42 by the maximum number of unearned and unvested PSUs. OPTION EXERCISES AND STOCK VESTED IN FISCAL 2023 The following table provides information concerning option exercises and the vesting of stock, including PSUs and RSUs, during Textron’s 2023 fiscal year for each NEO. Option Exercises and Stock Vested in Fiscal 2023 Option Awards Stock Awards Name Number of Shares Acquired on Exercise (#) Value Realized on Exercise ($) Type of Equity Award(1) Number of Shares or Units Acquired on Vesting (#) Value Realized on Vesting ($)(2) Scott C. Donnelly 222,319 7,481,168 PSU 227,444(3) 18,291,046 RSU 102,309 7,487,996 25,779,042 Frank T. Connor 63,361 2,132,332 PSU 67,064 5,393,287 RSU 30,078 2,201,409 7,594,696 E. Robert Lupone 0 0 PSU 29,792 2,395,873 RSU 13,020 952,934 3,348,807 Julie G. Duffy 0 0 PSU 22,570 1,815,079 RSU 9,155 670,054 2,485,133 (1) “PSU” and “RSU” are described in more detail in footnote 3 to the previous table. (2) PSUs vest at the end of the three-year performance period and, pursuant to SEC rules, are valued in the table above based on our common stock price at the end of the third fiscal year. The PSUs earned are subsequently settled in cash based on the average closing price of our common stock for the first ten trading days of the fiscal year following vesting, except for a portion of Mr. Donnelly’s PSUs which were settled in stock. The use of different stock prices results in the following payouts to our NEOs, which differ from the values in the table: Mr. Donnelly, $15,000,000 in cash and $2,886,196 in stock, Mr. Connor $5,273,913, Mr. Lupone, $2,342,843 and Ms. Duffy, $1,774,905. (3) As described on page 34, the PSUs earned were not all settled in cash as the balance of Mr. Donnelly’s PSU payout exceeding $15,000,000 was settled by issuing to him 32,547 shares of common stock. 42 TEXTRON 2024 PROXY STATEMENT
RkJQdWJsaXNoZXIy MjQ2MDYz