TEXTRON 2022 PROXY STATEMENT 41 GRANTS OF PLAN-BASED AWARDS IN FISCAL 2021 The following table sets forth information on plan-based compensation awards granted to the NEOs during Textron’s 2021 fiscal year. Annual equity awards were approved on January 28, 2021 for grant on March 1, 2021. All Other Stock Awards: Number of Shares of Stock or Stock Units (#)(3) All Other Option Awards: Number of Securities Underlying Options (#)(4) Exercise or Base Price of Option Awards ($/sh)(5) Grant Date Fair Value of Stock and Option Awards(6) Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) Estimated Future Payouts Under Equity Incentive Plan Awards(2) Name Grant Date Grant Type Target ($) Maximum ($) Threshold (#) Target (#) Maximum (#) Scott C. Donnelly Annual IC 1,854,000 3,708,000 3/1/2021 PSUs 28,431 113,722 227,444 5,863,506 3/1/2021 RSUs 56,861 2,931,753 3/1/2021 Stock Options 200,108 51.56 3,011,625 3/1/2021 PSUs(7) 1,705,183 Frank T. Connor Annual IC 1,000,000 2,000,000 3/1/2021 PSUs 8,383 33,532 67,064 1,728,910 3/1/2021 RSUs 16,766 864,455 3/1/2021 Stock Options 59,005 51.56 888,025 3/1/2021 PSUs(7) 502,788 E. Robert Lupone Annual IC 619,000 1,238,000 3/1/2021 PSUs 3,724 14,896 29,792 768,038 3/1/2021 RSUs 7,448 384,019 3/1/2021 Stock Options 26,211 51.56 394,476 3/1/2021 PSUs(7) 216,588 Julie G. Duffy Annual IC 469,000 938,000 3/1/2021 PSUs 2,821 11,285 22,570 581,855 3/1/2021 RSUs 5,642 290,902 3/1/2021 Stock Options 19,857 51.56 298,848 3/1/2021 PSUs(7) 148,906 (1) These amounts refer to awards of annual incentive compensation made under our Short-Term Incentive Plan. The performance metrics and methodology for calculating payments are described in the CD&A. (2) These amounts refer to the number of PSUs granted under the Textron Inc. 2015 Long-Term Incentive Plan. PSUs are performance share units which are earned based upon performance against pre-established metrics over a three-year performance period. PSUs are payable in cash based upon the Company’s stock price at the end of the three-year performance cycle. The performance metrics are described in the CD&A. Grants of PSUs in 2021 vest at the end of fiscal 2023. The “target” amount to be paid in 2024 assumes 100% of PSUs granted are earned. The “maximum” that can be paid per the plan design is 200% of the PSUs granted, as described in the CD&A. (3) These amounts represent the number of RSUs granted in 2021 pursuant to the Textron Inc. 2015 Long-Term Incentive Plan. RSUs earn dividend equivalents until vested and vest in full on the third anniversary of the grant date. (4) These amounts represent the number of stock options granted in 2021 pursuant to the Textron Inc. 2015 Long-Term Incentive Plan. All annual grants of stock options vest ratably over three years, beginning on March 1, 2022, and annually thereafter. (5) Reflects the exercise price for the stock options granted on March 1, 2021 which is equal to the closing price on the grant date. (6) Represents the grant date fair value of each equity award listed in the table as determined in accordance with generally accepted accounting principles. With respect to PSUs granted in 2021, the amounts in this column represent the full value of the award since the grant is subject to a three-year performance period (2021 – 2023). (7) Represents grant date fair value of the 2021 portion of the 2019–2021 PSU awards.
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