L3HARRIS TECHNOLOGIES INC DE
For the period ended Apr 19, 2024. Filed Mar 8, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 19, 2024 · Filed Mar 8, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material under §240.14a-12
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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Fee paid previously with preliminary materials.
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11
NOTICE OF 2024 ANNUAL MEETING
OF SHAREHOLDERS
| | WHEN: Friday, April 19, 2024 1:00 PM Eastern Time | |
|---|---|---|
| | WHERE: The Annual Meeting will beheld exclusively online at www.virtualshareholdermeeting.com/LHX2024. | |
YOUR VOTE IS IMPORTANT
Even if you plan to attend the virtual Annual Meeting, we encourage you to vote your shares before the meeting to ensure they are counted.
HOW YOU CAN VOTE
| | | | | BEFORE THE ANNUAL MEETING | | |||
|---|---|---|---|---|---|---|---|---|
| | | | | | | Internet* www.proxyvote.com | | |
| | | | | | | Phone* 1-800-690-6903 | | |
| | | | | | | Mail Complete, sign and date your proxy/voting instruction card and mail in the postage-paid return envelope. | | |
| | | | | DURING THE ANNUAL MEETING | | |||
| | | | | | | For instructions on voting during the virtual Annual Meeting, see pages 101-103 of the accompanying proxy statement. | | |
Until 11:59 PM Eastern Time on April 18, 2024. You must have the control number that appears on your Notice of Internet Availability of Proxy Materials or proxy/voting instruction card.
Meeting Agenda
| | Proposal 1: Elect our Board’s 14 nominees named in the accompanying proxy statement for a one-year term expiring at the 2025 Annual Meeting of Shareholders | |
|---|---|---|
| | Proposal 2: Approve, in an advisory vote, the compensation of our named executive officers as disclosed in the accompanying proxy statement | |
| | Proposal 3: Approve the L3Harris Technologies, Inc. 2024 Equity Incentive Plan | |
| | Proposal 4: Ratify appointment of Ernst & Young LLP as our independent registered public accounting firm for our fiscal year 2024 | |
| | Proposal 5: Amend our Restated Certificate of Incorporation to limit liability of officers as permitted by law | |
| | Proposal 6: Vote on a shareholder proposal titled “Transparency in Lobbying,” if properly presented | |
The accompanying proxy statement more fully describes these matters.
Shareholders also will act on any other business matters that may properly come before the meeting, but we have not received notice of any such matters.
Who May Vote: If you owned shares of L3Harris common stock at the close of business on February 23, 2024, you are entitled to notice of and to vote at the Annual Meeting and any adjournments or postponements thereof.
How to Attend: The Annual Meeting will be virtual-only and held exclusively online. To find instructions on how to access and log in to the virtual Annual Meeting, see “How to Attend the Virtual Annual Meeting” on page 100 in the accompanying proxy statement. The platform for the virtual Annual Meeting will afford authenticated shareholders the same rights and opportunities to participate that they would have at an in-person meeting, including submitting questions and voting their shares.
By Order of the Board of Directors,
| | Scott T. Mikuen Senior Vice President, General Counsel and SecretaryMelbourne, FloridaMarch 8, 2024 | |
|---|
Important notice regarding the availability of proxy materials for the Annual Meeting of Shareholders to be held on Friday, April 19, 2024:
The Proxy Statement and 2023 Annual Report to Shareholders are available at: www.l3harris.com/company/environmental-social-and-governance.
L3HARRIS 2024 PROXY STATEMENT i
DEAR FELLOW SHAREHOLDERS
1025 West NASA Boulevard
Melbourne, Florida 32919
Chair and Chief Executive Officer
March 8, 2024
2023 marked the fourth anniversary of the creation of L3Harris and a return to growth after a few years of macroeconomic disruptions. Through the execution of our strategy, we are improving operational performance and delivering on our commitments to shareholders and customers while strengthening our position as the industry’s Trusted Disruptor.
Throughout 2023, I highlighted our emphasis on Performance First. As a core pillar of the L3Harris strategy, operational performance was a primary driver of our return to growth. Coupled with strong customer demand and the acquisitions of Tactical Data Links and Aerojet Rocketdyne, we met our financial commitments and delivered positive total shareholder return (TSR) for the year.
L3Harris remains committed to ongoing engagement and an active dialogue with shareholders. Throughout the many interactions with current and prospective shareholders, including our recent Investor Day, dialogue centered on operational excellence initiatives, margin expansion opportunities and disciplined allocation of capital. L3Harris anticipates this dialogue will remain a key input in our continued focus on value creation.
On behalf of your Board, I am pleased to invite you to attend the 2024 Annual Meeting of Shareholders of L3Harris, to be held on Friday, April 19, 2024. The meeting will be virtual-only, held exclusively online to facilitate shareholder attendance and provide a consistent experience to all shareholders regardless of location. The live, interactive audio webcast of the meeting at www.virtualshareholdermeeting.com/LHX2024 will provide the ability for you to vote and submit questions online.
Sincerely,
Chair and Chief Executive Officer
ii L3HARRIS 2024 PROXY STATEMENT
CONTENTS
| | PROXY SUMMARY | | | | | 1 | | |
|---|---|---|---|---|---|---|---|---|
| | PROPOSAL 1: ELECTION OF DIRECTORS | | | | | 7 | | |
| | Criteria for Board Membership | | | | | 7 | | |
| | Director Nomination Process | | | | | 8 | | |
| | Board Refreshment | | | | | 10 | | |
| | Nominee Information | | | | | 10 | | |
| | Nominee Biographies | | | | | 11 | | |
| | Voting Standard for Election of Directors | | | | | 18 | | |
| | CORPORATE GOVERNANCE | | | | | 19 | | |
| | Board Leadership Structure | | | | | 19 | | |
| | Our Board’s Role and Responsibilities | | | | | 25 | | |
| | Board Policies and Processes | | | | | 28 | | |
| | Director Compensation and Benefits | | | | | 30 | | |
| | PROPOSAL 2: ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION | | | | | 33 | | |
| | COMPENSATION DISCUSSION AND ANALYSIS | | | | | 34 | | |
| | Executive Summary | | | | | 35 | | |
| | Our Executive Compensation Philosophy and Key Practices | | | | | 37 | | |
| | Elements of our Compensation Program | | | | | 39 | | |
| | Other Compensation Elements | | | | | 48 | | |
| | Employment and Release Agreements | | | | | 49 | | |
| | Our Practices, Policies and Guidelines for Executive Compensation | | | | | 51 | | |
| | COMPENSATION COMMITTEE REPORT | | | | | 57 | | |
| | COMPENSATION TABLES | | | | | 58 | | |
| | CEO Pay Ratio | | | | | 75 | | |
| | Pay Versus Performance | | | | | 75 | | |
| | PROPOSAL 3: APPROVAL OF THE L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | | | | | 80 | | |
|---|---|---|---|---|---|---|---|---|
| | REPORT OF THE AUDIT COMMITTEE OF L3HARRIS | | | | | 87 | | |
| | PROPOSAL 4: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | | | | 89 | | |
| | Fees Paid to Independent Registered Public Accounting Firm | | | | | 90 | | |
| | Pre-Approval of Audit and Non-Audit Services | | | | | 90 | | |
| | PROPOSAL 5: AMEND OUR RESTATED CERTIFICATE OF INCORPORATION TO LIMIT LIABILITY OF OFFICERS AS PERMITTED BY LAW | | | | | 91 | | |
| | PROPOSAL 6: SHAREHOLDER PROPOSAL | | | | | 93 | | |
| | SHARE OWNERSHIP | | | | | 97 | | |
| | Shares Owned by Directors, Nominees and Executive Officers | | | | | 97 | | |
| | Principal Shareholders | | | | | 98 | | |
| | Delinquent Section 16(a) Reports | | | | | 98 | | |
| | SHAREHOLDER NOMINATIONS AND PROPOSALS | | | | | 99 | | |
| | INFORMATION ABOUT THE ANNUAL MEETING | | | | | 100 | | |
| | APPENDIX A: RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | | | | | A-1 | | |
| | APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | | | | | B-1 | | |
| | APPENDIX C: PROPOSED CHANGES TO L3HARRIS TECHNOLOGIES, INC. RESTATED CERTIFICATE OF INCORPORATION RELATING TO PROPOSAL 5 | | | | | C-1 | | |
The Board of Directors of L3Harris Technologies, Inc. (“L3Harris” or “Company”) is soliciting proxies to be voted at our 2024 Annual Meeting of Shareholders on April 19, 2024, and at any adjournments or postponements thereof. We expect that this proxy statement and form of proxy will be mailed and made available to shareholders beginning on or about March 8, 2024.
L3HARRIS 2024 PROXY STATEMENT iii
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