2013 Proxy Statement

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Lockheed Martin's 2013 Proxy Statement
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  Lockheed Martin Corporation6801 Rockledge Drive Bethesda MD 20817 March 8   , 2013 Dear Fellow Stockholders:On behalf of the Board of Directors, we would like to invite you to attend our 2013 Annual Meeting of Stockholders. We will meet on Thursday, April 25, 2013, at 10:30 a.m. Central Daylight Time, at the Lockheed Martin Space Systems Company, 4800 Bradford Drive, Building 406, Huntsville, Alabama 35807. Prior to the meeting, you are invited to join the Board of Directors and senior management at a reception at 10:00 a.m. While our industry experienced some challenges in 2012 due to the global economic environment, we delivered strong performance that enabled us to:   ã attain record levels for several key financial metrics;   ã increase our dividend by 15 percent, representing the tenth consecutive annual double-digit percentage increase; and   ã generate total stockholder return of 20 percent. We remain committed to achieving long-term business growth and delivering value to our stockholders through execution of sound business strategies, diligent risk oversight, top-quality talent development, and robust succession planning. During the last year, we strengthened our focus on corporate sustainability, investor engagement, and executive compensation best practices. Based on direct feedback from our investors and stakeholders, we have adopted additional improvements to our governance and compensation programs. Your vote is important. We urge you to vote promptly, even if you plan to attend the Annual Meeting. The accompanying Notice and Proxy Statement provide information about the matters on which you may vote, our leadership changes, and our 2012 results. For security reasons before being admitted into the Annual Meeting, you must present your admission ticket or proof of ownership and a valid photo identification. All hand-carried items will be subject to inspection, and all bags, briefcases, or packages must be checked.Thank you for your continued support of Lockheed Martin. We look forward to seeing you at the Annual Meeting.Sincerely, Marillyn A. HewsonRobert J. Stevens Chief Executive Of󿬁cer and PresidentExecutive Chairman and Strategic Advisor to the Chief Executive Of󿬁cer   Lockheed Martin Corporation6801 Rockledge Drive Bethesda MD 20817 Notice of 2013 Annual Meeting of Stockholders Thursday, April 25, 2013 10:30 a.m. Central Daylight Time  Lockheed Martin Space Systems Company, 4800 Bradford Drive, Building 406, Huntsville, Alabama 35807  Lockheed Martin Corporation stockholders of record at the close of business on March 1, 2013 are entitled to receive notice of, and to vote at, the Annual Meeting. Items of Business: 1. Election of 12 director-nominees to serve on the Board for a one-year term ending at next year’s Annual Meeting. 2. Ratification of the appointment of Ernst & Young LLP, an independent registered public accounting firm, as our independent auditors for 2013.3. Advisory vote to approve the compensation of our named executive officers.4. Consideration of three stockholder proposals described in the accompanying Proxy Statement, if properly presented at the Annual Meeting.5. Consideration of any other matters that may properly come before the meeting. We have enclosed our 2012 Annual Report to Stockholders. The report is not part of the proxy soliciting materials for the Annual Meeting.Please vote your shares at your earliest convenience. This will help us to ensure the presence of a quorum at the meeting. Promptly voting your shares via the Internet, by telephone, or by signing, dating, and returning the enclosed proxy card will save the expense of additional solicitation. If you wish to vote by mail , we have enclosed a self addressed, postage prepaid envelope. Submitting your proxy now will not prevent you from voting your shares at the meeting, as your proxy is revocable at your option. Sincerely, Maryanne R. Lavan Senior Vice President, General Counsel and Corporate Secretary March 8 , 2013 Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting to be Held on April 25, 2013: The 2013 Proxy Statement and 2012 Annual Report are available at  http://www.lockheedmartin.com/investor .  4   2013 Proxy Statement  Table of Contents PROXY STATEMENT  6 PROXY SUMMARY  6 CORPORATE GOVERNANCE  9 Corporate Sustainability  ....................................................................................................................................................................................................................................................................................................................................... 9Community Involvement and Employee Engagement  ........................................................................................................................................................................................................................................... 9Corporate Governance Guidelines .................................................................................................................................................................................................................................................................................................... 10Role of the Board of Directors  ............................................................................................................................................................................................................................................................................................................... 10Service on Other Boards  .................................................................................................................................................................................................................................................................................................................................. 11Lead Director  .................................................................................................................................................................................................................................................................................................................................................................... 11Positions of Chairman and Chief Executive Officer  .............................................................................................................................................................................................................................................. 11Succession Planning and Talent Management  ................................................................................................................................................................................................................................................................ 12Enterprise Risk Management  ................................................................................................................................................................................................................................................................................................................... 12Identifying and Evaluating Nominees for Directors  ............................................................................................................................................................................................................................................. 13Majority Voting Policy for Uncontested Director Elections  ...................................................................................................................................................................................................................... 13Stockholder Right to Call Special Meeting  ........................................................................................................................................................................................................................................................................ 13Director Independence ........................................................................................................................................................................................................................................................................................................................................ 14Related Person Transaction Policy  ................................................................................................................................................................................................................................................................................................... 14Certain Relationships and Related Person Transactions of Directors, Executive Officers, and 5 Percent Stockholders  .............................. 15Director Orientation and Continuing Education  ......................................................................................................................................................................................................................................................... 15Board Performance Self-Assessment  ........................................................................................................................................................................................................................................................................................... 15Stockholder Rights Plan  ................................................................................................................................................................................................................................................................................................................................... 15 COMMITTEES OF THE BOARD OF DIRECTORS  16 Membership on Board Committees  ................................................................................................................................................................................................................................................................................................ 16Audit Committee Report  ................................................................................................................................................................................................................................................................................................................................. 18 PROPOSAL 1: ELECTION OF DIRECTORS  19 PROPOSAL 2: RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS  26 PROPOSAL 3: ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS (“SAY-ON-PAY”)  27 EXECUTIVE COMPENSATION  28 Compensation Committee Report  ..................................................................................................................................................................................................................................................................................................... 28Compensation Committee Interlocks and Insider Participation  .......................................................................................................................................................................................................... 28Compensation Discussion and Analysis (“CD&A”)  ............................................................................................................................................................................................................................................. 28Summary Compensation Table  .............................................................................................................................................................................................................................................................................................................. 492012 Grants of Plan-Based Awards ................................................................................................................................................................................................................................................................................................. 52Outstanding Equity Awards at 2012 Fiscal Year-End  .......................................................................................................................................................................................................................................... 54Option Exercises and Stock Vested During 2012  ...................................................................................................................................................................................................................................................... 55Retirement Plans  .......................................................................................................................................................................................................................................................................................................................................................... 562012 Pension Benefits  ......................................................................................................................................................................................................................................................................................................................................... 57Nonqualified Deferred Compensation  ........................................................................................................................................................................................................................................................................................ 58Potential Payments Upon Termination or Change in Control  ................................................................................................................................................................................................................. 60   Contents  
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