Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. OnJanuary 29, 2021 ,Lockheed Martin Corporation ("Lockheed Martin " or the "Corporation") announced thatMarillyn A. Hewson ,Lockheed Martin 's current Executive Chairman, has informed the Board of Directors of her intention to not stand for re-election and to retire as Executive Chairman and as a member of the Board onMarch 1, 2021 .Ms. Hewson has agreed to remain an employee of the Corporation in a non-executive officer capacity in the position of Strategic Advisor to the Chief Executive Officer throughFebruary 28, 2022 . OnJanuary 28, 2021 , the Board elected President and Chief Executive Officer,James D. Taiclet , to serve as Chairman, President and Chief Executive Officer, effectiveMarch 1, 2021 . Following the recommendation of theManagement Development and Compensation Committee ("Compensation Committee"), onJanuary 28, 2021 , the Board approved the following compensation forMs. Hewson for her service as Strategic Advisor to the Chief Executive Officer, effectiveMarch 1, 2021 : •Annual base salary of$900,000 ; •Ms. Hewson will not be eligible for an annual incentive for 2021 performance and will not receive any equity or long-term incentive performance awards in 2021. While she remains an employee, she will continue to vest in outstanding long-term incentive awards in accordance with their existing terms; •Continued participation as an employee in the savings, health, disability and life insurance benefit plans and programs in which she is currently a participant; and •Eligible for an annual executive physical, home office support, professional memberships, continued use of corporate aircraft and continued security based on assessed risk toMs. Hewson , while she remains an employee of the Corporation. Consistent with current practice, to the extent that such personal security is taxable, the Corporation will provide a tax gross-up sufficient to makeMs. Hewson whole. The foregoing summary is qualified in its entirety by reference to the terms and conditions of the Transition Agreement dated as ofJanuary 28, 2021 betweenLockheed Martin andMs. Hewson , a copy of which is filed as Exhibit 10.1
to
this Current Report on Form 8-K and which is incorporated herein by reference. A copy of the press release announcing these actions is filed as Exhibit 99.1 to this Current Report on Form 8-K. Also onJanuary 28, 2021 , the Board elected Mr.Gregory M. Ulmer , age 56, as Executive Vice President, Aeronautics, effectiveFebruary 1, 2021 .Mr. Ulmer has served as Acting Executive Vice President, Aeronautics sinceDecember 1, 2020 and as Vice President and General Manager, F-35 Lightning II Program sinceMarch 2018 . Prior to that he served as Vice President, F-35 Aircraft Production business unit fromMarch 2016 toMarch 2018 . He previously served as Vice President of Operations for Advanced Development Programs, also known as Skunk Works®, fromJanuary 2014 toMarch 2016 . Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Transition Agreement datedJanuary 28, 2021
between
Lockheed Martin Corporation . 99.1 Press Release ofLockheed Martin Corporation dated January 2 9 , 2021 . 104 Cover Page Interactive Data File (embedded within
the Inline XBRL document).
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