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Share Name | Share Symbol | Market | Type |
---|---|---|---|
L3 Technologies, Inc. | NYSE:LLL | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 245.17 | 0.00 | 01:00:00 |
Delaware
|
001-37975
|
13-3937436
|
||
(State or other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
600 Third Avenue, New York, New York
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10016
|
|
(Address of Principal Executive Offices)
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(Zip Code)
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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· |
Mr. Strianese will continue to serve as Chairman and Chief Executive Officer through December 31, 2017, and will continue to receive his current base salary of $1,390,000 per year during this period. He will also continue to participate in the Company’s annual incentive plan (“AIP”) in respect of fiscal 2017 based on his existing target bonus opportunity of 165% of base salary (or $2,293,500), subject to actual performance and the terms of the AIP.
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· |
Mr. Strianese will retire as Chief Executive Officer, effective December 31, 2017, but will continue to serve as Executive Chairman and as a member of the Board from January 1, 2018 until the Company’s 2018 Annual meeting of Stockholders, at which time his term of office as a director and his employment with the Company shall cease.
|
· |
During his tenure as Executive Chairman, Mr. Strianese will receive a base salary of $695,000 per year, which will be prorated for the actual time he serves as Executive Chairman of the Company. In addition, Mr. Strianese will be eligible to participate in the AIP in respect of fiscal 2018 based on a target bonus opportunity of 165% of his prorated base salary as Executive Chairman, subject to actual performance and the terms of the AIP.
|
· |
Mr. Strianese’s outstanding long-term incentive compensation awards (“LTI awards”) will continue to vest during his employment subject to the terms of the applicable award agreements.
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· |
Following Mr. Strianese’s employment, he will be subject to customary confidentiality and restrictive covenant provisions, including non-disparagement, non-competition and non-solicitation provisions.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit No.
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Description
|
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Retirement Agreement and General Release between Michael T. Strianese and the Company, dated November 8, 2017.
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L3 TECHNOLOGIES, INC.
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|||
By:
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/s/ Allen E. Danzig
|
||
Name:
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Allen E. Danzig
|
||
Title:
|
Vice President, Assistant General Counsel and Assistant Secretary
|
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Dated: November 8, 2017
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1 Year L3 Technologies, Inc. Chart |
1 Month L3 Technologies, Inc. Chart |
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