Amendment No. 2 to Deferred Income Plan for Non-Employee Directors of Textron Inc.
Textron Inc. has amended its Deferred Income Plan for Non-Employee Directors to increase the portion of the annual retainer that must be deferred into the Stock Unit Account from $100,000 to $120,000, effective January 1, 2016. This change was approved by the Board of Directors and is now formally incorporated into the plan. The amendment was executed by an authorized officer of Textron Inc. on March 1, 2017.
Exhibit 10.1
AMENDMENT NO. 2 TO
DEFERRED INCOME PLAN FOR NON-EMPLOYEE DIRECTORS, AS
AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2009
WHEREAS, at its meeting held on December 2, 2015, the Board of Directors (the Board) of Textron Inc. (the Company) approved changes to the compensation program for the Board which, among other things, increased the amount of the Board members annual retainer required to be deferred into the Stock Unit Account of the Deferred Income Plan for Non-Employee Directors (the Plan) from $100,000 to $120,000, effective as of January 1, 2016;
WHEREAS, the Company wishes to amend the Plan to formally incorporate this change into the terms of the Plan;
NOW, THEREFORE, the Company hereby amends the Plan, effective as of January 1, 2016, as follows:
1. Section 1.04(a) of the Plan is hereby amended to change $100,000 to $120,000.
2. Section 2.02 of the Plan is hereby amended to change $100,000 to $120,000.
3. Section 2.03 of the Plan is hereby amended to change $100,000 to $120,000.
IN WITNESS WHEREOF, Textron Inc. has caused this amendment to be executed by its duly authorized officer.
| TEXTRON INC. | |
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Dated: March 1, 2017 | By | /s/ E. Robert Lupone |
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| E. Robert Lupone |
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| Executive Vice President, |