TEXTRON 2022 PROXY STATEMENT 39 EXECUTIVE COMPENSATION The following Summary Compensation Table sets forth information concerning compensation of our principal executive officer, principal financial officer and each other individual who was serving as an executive officer at the end of Textron’s 2021 fiscal year (each, an “NEO” and collectively, the “NEOs”). SUMMARY COMPENSATION TABLE Name and Principal Position Year Salary ($)(1) Stock Awards ($)(2) Option Awards ($)(3) Non-Equity Incentive Plan Compensation ($)(4) Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(5) All Other Compensation ($)(6) Total ($) Scott C. Donnelly 2021 1,236,000 10,500,442* 3,011,625 3,639,000 95,972 92,975 18,576,014 Chairman, President and 2020 1,093,385 10,522,576 2,493,513 744,000 2,838,193 79,114 17,770,781 Chief Executive Officer 2019 1,236,000 8,247,424 3,544,166 1,737,000 4,056,094 100,914 18,921,598 Frank T. Connor 2021 1,000,000 3,096,153* 888,025 1,963,000 250,381 74,912 7,272,471 Executive Vice President and 2020 942,308 3,095,821 735,242 652,000 1,020,675 70,671 6,516,717 Chief Financial Officer 2019 1,000,000 2,411,829 1,045,038 937,000 1,208,027 81,711 6,683,605 E. Robert Lupone 2021 820,192 1,368,645* 394,476 1,215,000 0 89,457 3,887,770 Executive Vice President, 2020 769,231 1,338,582 316,719 391,000 0 91,711 2,907,243 General Counsel and Secretary 2019 792,308 1,050,566 450,164 562,000 0 98,628 2,953,666 Julie G. Duffy 2021 620,192 1,021,663* 298,848 920,000 400,571 36,810 3,298,084 Executive Vice President, 2020 567,308 957,473 237,537 293,000 1,104,983 34,065 3,194,366 Human Resources 2019 540,385 621,510 309,491 387,000 929,448 32,619 2,820,453 (1) Base salary increases, if any, are implemented in the first pay period in March of each year; therefore, amounts shown in this column may not exactly match the base salaries disclosed in the CD&A. (2) The numbers shown in this column represent the grant date fair values of equity awards granted during the fiscal year, whether settled in stock or cash. The amounts for 2021 include PSUs and RSUs granted in 2021 which are described in the CD&A, plus amounts attributable to 2019 PSU awards as set forth in the table below. The grant date fair values have been determined based on the closing share price on the date of grant. The PSU values included in the Stock Awards column above represent target performance. Assuming maximum performance is achieved, then the grant date fair value of the PSUs would be: Mr. Donnelly $14,284,787, Mr. Connor $4,212,002, Mr. Lupone $1,860,957 and Ms. Duffy $1,387,068. * Explanatory Note for Stock Awards: Target long-term incentive compensation awards (Stock Awards and Option Awards) for 2021 were maintained at 2019 levels for our CEO and CFO for the second year in a row. Mr. Lupone’s and Ms. Duffy’s target awards were increased only as a result of their $25,000 base salary increases. The year-over-year increase in amounts reported in the Stock Awards column for 2021 arises from the following factors: • part of the value of PSUs awarded in 2019 is reported as 2021 compensation under applicable SEC rules (and correspondingly was not reported as compensation in 2019), as shown in the table below; • the full grant date value of PSUs awarded in 2021 is reported as 2021 compensation, and • beginning in 2020, Stock Awards constitute 75% of target long-term incentive compensation for our NEOs vs. 70% in prior years. Under SEC rules, because the performance goals of PSUs granted prior to 2020 were set each year of the three-year performance period, the value attributable to one-third of the PSUs is required to be reported in the Stock Awards column in the year of grant and in each of the following two years. For PSUs awarded in 2021, the full grant date value is reported as 2021 compensation because, as discussed in the Compensation Discussion and Analysis, the Organization and Compensation Committee restructured the PSU program so that the payout is based on performance against pre-established, three-year financial goals. The table below details the amounts of Stock Awards reported above for 2021. Award Mr. Donnelly Mr. Connor Mr. Lupone Ms. Duffy Performance Share Units (Granted in 2021) $ 5,863,506 $1,728,910 $ 768,038 $ 581,855 Restricted Stock Units (Granted in 2021) 2,931,753 864,455 384,019 290,902 Total 2021 Stock Awards Granted in 2021 $ 8,795,259 $2,593,365 $1,152,057 $ 872,757 Performance Share Units (Granted in 2019) 1,705,183 502,788 216,588 148,906 Total Stock Awards Reported for 2021 $10,500,442 $3,096,153 $1,368,645 $1,021,663
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