<SEC-DOCUMENT>0001552781-21-000177.txt : 20210406
<SEC-HEADER>0001552781-21-000177.hdr.sgml : 20210406
<ACCEPTANCE-DATETIME>20210406170010
ACCESSION NUMBER:		0001552781-21-000177
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210406
DATE AS OF CHANGE:		20210406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXTRON INC
		CENTRAL INDEX KEY:			0000217346
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT & PARTS [3720]
		IRS NUMBER:				050315468
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0102

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05480
		FILM NUMBER:		21809718

	BUSINESS ADDRESS:	
		STREET 1:		40 WESTMINSTER ST
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		4014212800

	MAIL ADDRESS:	
		STREET 1:		40 WESTMINSTER ST
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN TEXTRON INC
		DATE OF NAME CHANGE:	19710510
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>e21211_txt-defa14a.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES</B></FONT><B><BR>
<FONT STYLE="font-size: 14pt">SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR>
<FONT STYLE="font-size: 12pt">Washington, D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><B>Proxy Statement Pursuant to Section
14(a) of the Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><B>Exchange Act of 1934 (Amendment No.
)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: middle; width: 4%"><FONT STYLE="font: 20pt Wingdings">&thorn;</FONT>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: middle; width: 46%">&nbsp;Filed by the Registrant</TD>
    <TD STYLE="text-align: left; vertical-align: middle; width: 4%"><FONT STYLE="font: 20pt Wingdings">o</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: middle; width: 46%">&nbsp;&nbsp;Filed by a Party other than the Registrant</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt"><B>Check the appropriate box:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left; vertical-align: middle"><FONT STYLE="font: 20pt Wingdings">o</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle">Preliminary Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left; vertical-align: middle"><FONT STYLE="font: 20pt Wingdings">o</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle">CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left; vertical-align: middle"><FONT STYLE="font: 20pt Wingdings">o</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle">Definitive Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left; vertical-align: middle"><FONT STYLE="font: 20pt Wingdings">&thorn;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle">Definitive Additional Materials</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left; vertical-align: middle"><FONT STYLE="font: 20pt Wingdings">o</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle">Soliciting Material Under Rule 14a-12</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>TEXTRON INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Name of Registrant as Specified In
Its Charter)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I><BR>
<I>(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)</I></P>





<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.12in; padding-right: 0.12in">&nbsp;</TD>
    <TD STYLE="width: 95%; border-bottom: Black 1.5pt solid; padding-left: 0.12in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt"><B>Payment of Filing Fee (Check the appropriate box):</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left"><FONT STYLE="font: 20pt Wingdings">&thorn;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle"><B>No fee required.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left; vertical-align: middle"><FONT STYLE="font: 20pt Wingdings">o</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle"><B>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt">(1) Title of each class of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt">(2) Aggregate number of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt">(3)
    Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt">(4) Proposed maximum aggregate value of transaction:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt">(5) Total fee paid:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left"><FONT STYLE="font: 20pt Wingdings">o</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle"><B>Fee paid previously with preliminary materials.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left"><FONT STYLE="font: 20pt Wingdings">o</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt"><B>Check
    box if any part of the fee is offset as provided by Exchange Act Rule 0-11 (a)(2) and identify the filing for which the offsetting
    fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date
    of its filing.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle">(1) Amount Previously Paid:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle">(2) Form, Schedule or Registration Statement No.:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle">(3) Filing Party:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 4pt 0.12in; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0.12in; padding-top: 4pt; padding-bottom: 4pt; text-align: left; vertical-align: middle">(4) Date Filed:</TD></TR>
</TABLE>



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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: right">April 6, 2021</P>


<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">Dear Textron Inc. Shareholder:</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">We are writing to ask for your support
for the Advisory Vote on Executive Compensation (&ldquo;Say-on-Pay&rdquo;) to be considered at Textron&rsquo;s upcoming annual meeting
of shareholders on April 28, 2021.</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Institutional Shareholder Services (&ldquo;ISS&rdquo;)
has issued its voting recommendations for Textron&rsquo;s annual meeting, including a recommendation AGAINST our Say-on-Pay vote. ISS
has put forth this recommendation despite the fact that its quantitative analysis indicates a LOW level of concern. ISS states that:</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&ldquo;The annual incentive program is predominantly
based on pre-set financial and operational goals and, although the company made certain adjustments to actual results due to the impact
of COVID-19, the adjustments and considerations were clearly disclosed, the CEO elected to not receive an adjusted payout, and payouts
for other NEOs were reasonable. Further, in response to shareholder feedback following the 2019 AGM, the company implemented a new LTI
program, under which performance shares are now based on multi-year performance goals.... <B><I>Moreover, pay and performance are reasonably
aligned for the year in review.</I></B>&rdquo;</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Nonetheless, ISS supports its AGAINST
recommendation with its opinion that Textron&rsquo;s Organization and Compensation (&ldquo;O&amp;C&rdquo;) Committee demonstrated &ldquo;limited
responsiveness&rdquo; to the relatively low Say-on-Pay vote at the 2020 annual meeting. <B>We can assure you that this is not accurate</B>
or based on the facts or history of what has transpired in the past two years. In response to the 2019 Say-on-Pay vote, Textron&rsquo;s
O&amp;C Committee worked diligently to address concerns identified by shareholders and implemented corresponding changes to our long-term
executive compensation program. This redesign included but was not limited to input from a proactive shareholder engagement process as
well as extensive assistance from a new, independent O&amp;C Committee consultant hired in July 2019.</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Following the results of the 2020 annual
meeting and discussion with O&amp;C Committee, management reached out to shareholders representing over 70% of our outstanding shares,
including those who voted AGAINST and ABSTAINED, to engage with them and to hear their views on our executive compensation program. Many
shareholders responded that they did not believe a call was necessary and others simply did not respond to our outreach. We had very constructive
conversations with shareholders representing approximately 34% of our outstanding shares. We communicated in advance the topics to be
discussed, names and titles of the Textron team proposed to be on the call and asked for shareholder input; not one shareholder requested
that a Board member be included on the call. Had any of our shareholders requested participation by a Board member, we would certainly
have arranged that, as we did upon such requests in 2019. The O&amp;C Committee was updated regularly, including at a meeting added to
their schedule for this purpose in 2020.</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">As we disclosed in our proxy statement,
the shareholders with whom we spoke, including those who voted AGAINST and ABSTAINED on our proposal in 2020, provided positive feedback
with respect to the announced design changes to our long-term incentive compensation program for 2020. These shareholders stated that
they did not believe additional changes were needed to our executive compensation program beyond those already announced.</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: right">April 6, 2021</P>


<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>


<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Of those who voted AGAINST our Say-on-Pay
proposal in 2020, only one shareholder agreed to participate in an engagement call with us and its feedback was consistent with the others.
Additionally, a shareholder who ABSTAINED on the Say-on-Pay vote, which counted as a vote AGAINST the proposal, spoke with us. Through
that conversation, we learned that the shareholder&rsquo;s policy is to ABSTAIN from the vote whenever the Say-on-Pay vote covers a compensation
program that has already been replaced with a substantially new program, which was the case for Textron. Importantly, these AGAINST/ABSTAIN
shareholders did not identify any need for additional compensation program changes, which was taken into consideration by the O&amp;C
Committee.</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Following the 2020 Say-on-Pay vote, we
also listened to the views of our shareholders related to companies making adjustments to executive compensation due to the impacts of
COVID-19. The O&amp;C Committee was careful to incorporate these insights as they evaluated potential COVID-19 adjustments and made their
compensation decisions later in the year.</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Throughout this engagement process, shareholder
feedback on compensation matters was promptly presented and discussed with the O&amp;C Committee and shared with the Board. Textron&rsquo;s
O&amp;C Committee has been clearly responsive to shareholder concerns relating to executive compensation matters and has made changes
where appropriate and in line with shareholder feedback both in connection with the extensive 2020 redesign of long-term incentive compensation
and more recently with its 2020 compensation decisions, which ISS determined were reasonably aligned with performance. All steps taken
and changes made were clearly disclosed to shareholders in the proxy. The O&amp;C Committee has been and continues to be very much engaged
and responsive to shareholder concerns and welcomes the opportunity to meet with shareholders.</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">We respectfully request your &ldquo;FOR&rdquo;
vote on our Say-on-Pay proposal at this year&rsquo;s annual meeting.</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">/s/James Ziemer</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">_____________________________</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">James Ziemer</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Chair, Textron&rsquo;s O&amp;C Committee</P>

<P STYLE="font: 11pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
