Amendment to Lockheed Martin Corporation Executive Severance Plan (Section 6(b))
Lockheed Martin Corporation has amended its Executive Severance Plan, effective January 1, 2014. The amendment requires that if an eligible executive who received a supplemental severance benefit is re-employed by Lockheed Martin or an affiliate within one year of their layoff, they must repay a portion of the severance. The repayment amount is based on the number of weeks worked during the first year after termination, up to 52 weeks.
Exhibit 10.2
LOCKHEED MARTIN CORPORATION
EXECUTIVE SEVERANCE PLAN
The Lockheed Martin Corporation wishes to amend the Lockheed Martin Corporation Executive Severance Plan (“Plan”) as follows, generally effective January 1, 2014:
| 1. | Section 6(b) of the Plan is amended to read as follows: |
In the event an Eligible Employee who is entitled to a Supplemental Severance Benefit becomes employed by the Company (or an Affiliate) prior to the first anniversary of his or her Executive Layoff Event, the Eligible Employee shall be obligated to repay to the Company an amount equal to the amount of the Employee’s Supplemental Severance Benefit multiplied by a fraction, the numerator of which is the number of weeks (capped at 52) in the one-year period following the Employee’s termination of employment during which the Employee is employed by the Company and the denominator of which is fifty-two (52).
| LOCKHEED MARTIN CORPORATION | ||
| By: | /s/ John T. Lucas | |
| John T. Lucas | ||
| Senior Vice President, Human Resources & Communications | ||
| Date: July 18, 2014 | ||
