Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Election ofJohn M. Donovan to the Board of Directors OnOctober 21, 2021 , the Board of Directors ofLockheed Martin Corporation ("Lockheed Martin " or the "Corporation") electedJohn M. Donovan as a director of the Corporation.Mr. Donovan will serve on the Corporation'sClassified Business and Security Committee . The Board of Directors determined thatMr. Donovan is an "independent director" in accordance with theNew York Stock Exchange listing standards, the rules and regulations of theSecurities and Exchange Commission ("SEC") and the Corporation's corporate governance guidelines.Mr. Donovan , age 61, served as Chief Executive Officer ofAT&T Communications, LLC , a wholly owned subsidiary of AT&T Inc., fromAugust 2017 until his retirement inOctober 2019 . Previously,Mr. Donovan was Chief Strategy Officer and Group President of AT&T Technology and Operations fromJanuary 2012 throughAugust 2017 and Chief Technology Officer of AT&T Inc. fromApril 2008 throughJanuary 2012 .Mr. Donovan currently serves on the board of directors of Palo Alto Networks, Inc., a global cybersecurity company. For his service on the Board of Directors,Mr. Donovan will receive the Corporation's standard compensation for non-employee directors. A description of such standard compensation arrangement is filed as Exhibit 10.1 to the Corporation's Quarterly Report on Form 10-Q for the quarter endedSeptember 29, 2019 and incorporated herein by reference. Equity grants toMr. Donovan will be made in accordance with theLockheed Martin Corporation Amended and Restated Directors Equity Plan, a copy of which is filed as Exhibit 10.1 to the Corporation's Current Report on Form 8-K filed with theSEC onApril 26, 2018 and incorporated herein by reference.Mr. Donovan is also eligible to defer up to 100% of his cash fees into theLockheed Martin Corporation Directors Deferred Compensation Plan, as amended, a copy of which is filed as Exhibit 10.2 to the Corporation's Annual Report on Form 10-K for the year endedDecember 31, 2008 and is incorporated herein by reference. Deferred amounts track the performance of investment options available under the Corporation's employee deferred compensation plans or the Corporation's common stock (with dividends reinvested), at the director's election.Mr. Donovan will also be covered by the Corporation's standard indemnification agreement with directors which the Corporation enters into with all directors. A copy of the form of indemnification agreement is filed as Exhibit 10.34 to the Corporation's Annual Report on Form 10-K for the year endedDecember 31, 2009 and is incorporated herein by reference. A copy of the press release announcing the election ofMr. Donovan is filed as
Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 99.1Lockheed Martin Corporation News Release datedOctober 21, 2021 . 104 Cover Page Interactive Data File (embedded within
the Inline XBRL document).
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