L3Harris Technologies (LHX) has released an update.
L3Harris Technologies’ CEO, Christopher E. Kubasik, has signed a new severance agreement that provides him with financial protection against termination, modifying his severance benefits to align with the company’s Executive Change in Control Severance Plan with certain adjustments. This agreement, effective through March 2028, includes reduced severance payment multiples and performance-based pro-rata bonus calculations, as well as pro-rata vesting of equity awards post-2024. Additionally, Kubasik is subject to non-compete and non-solicitation clauses post-employment. Separately, Kubasik has also established a pre-arranged stock option exercise and sale plan in compliance with SEC Rule 10b5-1, with sales to occur between May and June 2024.
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