James D. Taiclet

Chairman, President, and CEO at LOCKHEED MARTIN

Board

Since June 2020

Age

64 years

Tenure

Joined LMT's Board of Directors in January 2018 , assumed the role of President and CEO in June 2020 , and was elected Chairman in March 2021.

Also at LOCKHEED MARTIN

FASJ

Frank A. St. John

Chief Operating Officer (COO)

HEPI

H. Edward Paul III

Vice President and Controller

Jesus Malave

Chief Financial Officer (CFO)

About

James D. Taiclet has built a diverse career anchored in the aerospace and defense sectors. He began his professional journey with a background in military service as a U.S. Air Force officer and pilot, an experience that laid the groundwork for his deep understanding of industry challenges and opportunities.

Before assuming leadership at LMT, he held senior roles at prominent companies including Honeywell Aerospace Services and Pratt & Whitney, and led American Tower Corporation as Chairman, President, and CEO from February 2004 to March 2020. His tenure at these organizations honed his expertise in strategic planning, regulatory compliance, and large-scale operational management.

At Lockheed Martin, his leadership is marked by the implementation of transformational initiatives such as the One Lockheed Martin Transformation (1LMX) and a strong commitment to integrating advanced technologies like 5G, artificial intelligence, and distributed cloud computing into national defense. These strategic moves have not only modernized the corporation's operations but also contributed to achieving a record backlog, underlining his impact on both the commercial and defense landscapes.

$LMT Performance Under James D. Taiclet

Past Roles

Organization	Role	Date Range	Details
American Tower Corporation	Executive Chairman	March 2020 to May 2020	Former executive leadership role
American Tower Corporation	Chairman, President, and CEO	February 2004 to March 2020	Former executive leadership role
Honeywell Aerospace Services	President	N/A	Previous role with no specified date
Pratt & Whitney (a unit of United Technologies Corporation)	Vice President, Engine Services	N/A	Previous role with no specified date
U.S. Air Force	Officer and Pilot	N/A	Previous service role with no specified date

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$1,751,000	2023	Fixed annual base salary
Nonqualified Defined Contribution Plans	$151,550	2023	Company contributions to nonqualified defined contribution plans
Qualified Defined Contribution Plans	$23,550	2023	Company contributions to qualified defined contribution plans
Tax Assistance for Business-Related Items	$44,741	2023	Includes $42,884 for non-resident income taxes incurred from business travel

Performance Compensation

Data from FY 2023

Annual Incentive (MICP)

Metric	Value	Notes
Threshold Payout	7% of target	Minimum payout amount; corresponds to $232,883
Target Payout	$3,326,900	100% target payout
Maximum Payout	$6,653,800	200% of target payout
Overall Payout Factor	126%	Actual performance achievement multiplier
Evaluation Period	1 year (2023)	Performance measured over one year
Grant Date	February 22, 2023	Applies to RSU and PSU awards
Vesting	Cliff vesting after 3 years (RSUs); performance-based payout at 3-year end (PSUs)	Conditions apply upon termination, retirement after six months, death, disability, or divestiture

Long-Term Incentive Plan (LTIP)

Metric	Weight	Threshold / Target / Maximum	Additional Details
Relative Total Shareholder Return (TSR)	50%	Threshold: 35th percentile (25% payout); Target: 50th percentile (100% payout); Maximum: 75th–100th percentile (200% payout)	Capped at 100% if absolute TSR is negative
Return on Invested Capital (ROIC)	25%	Threshold: Plan -10% (25% payout); Target: Plan (100% payout); Maximum: Plan +12% (200% payout)	-
Free Cash Flow (FCF)	25%	Threshold: Plan -15% (25% payout); Target: Plan (100% payout); Maximum: Plan +30% (200% payout)	Detailed performance measure; see Free Cash Flow Performance section
Award Components	N/A	PSUs: 50% (Grant of 10,845 shares, Fair Value: $8,229,884 ); RSUs: 30% (Grant of 10,009 shares, Fair Value: $4,778,797 ); Cash LTIP: 20% (Max payout: $10 million)	Vesting occurs at the end of a three-year performance period (2023–2025)
Grant Date	N/A	February 22, 2023	Applies to all LTIP components

Performance Stock Units (PSUs)

Metric Type	Value	Notes
Relative TSR Weight	50%	Performance metric component
ROIC Weight	25%	Performance metric component
FCF Weight	25%	Performance metric component
Grant Date Fair Value	$8,229,884	Fair value for the PSU portion of LTIP
Maximum PSU Award Value	$12,212,771	Derived from Monte Carlo simulations assuming a 200% maximum payout for ROIC and FCF metrics
Vesting	Cliff vesting after 3 years	Based on the achievement of specified performance thresholds at the end of the performance period

Free Cash Flow (FCF) Performance

Metric	Value	Notes
Weight	25%	Applies to both PSUs and LTIP awards
Threshold	85% of target (25% payout)
Target	100% of target (100% payout)
Maximum	130% of target (200% payout)
Grant Date Stock Price	$479.53	For the FCF portion of performance awards
Grant Date Fair Value	$477.45 per share (FCF/ROIC); $509.11 for Relative TSR	Differentiated fair values based on the performance metric component