Document:

Exhibit 10.3

 Exhibit 10.3 
  
 RETIREMENT AGREEMENT 
  
 WHEREAS, Dr. Vance D. Coffman (“Dr. Coffman”), after 37 years of service for Lockheed Martin Corporation (“LMC” or
“Corporation”) has announced that he will retire as LMC’s Chief Executive Officer effective September 1, 2004; 
  
 WHEREAS, LMC believes that in light of the significant management and technical positions held by Dr. Coffman and the access he has had to information,
that it would serve the Corporation’s interests to obtain an agreement from Dr. Coffman to not engage in activity in competition with the business of the Corporation and to not disclose proprietary information; 
  
 WHEREAS, LMC believes that in light of Dr. Coffman’s long and
outstanding career with LMC, that it would be prudent to secure Dr. Coffman’s agreement to provide advice and counsel from time to time with the Corporation on matters within his expertise and experience. 
  
 WHEREAS, LMC has determined that it will provide to Dr. Coffman certain
additional benefits in connection with his retirement in recognition of the contributions he has made to LMC’s long-term success; 
  
 NOW THEREFORE, in consideration of the mutual promises contained within this Retirement Agreement (“Agreement”), Dr. Coffman and LMC agree as
follows: 
  
 1. Covenants of Dr. Coffman: Dr. Coffman
agrees as follows: 
  
 (a) Covenant Not to Compete: For
the three year period following the effective date of Dr. Coffman’s retirement from LMC, Dr. Coffman will not, on his own or in association with others, either be directly or indirectly employed by or engage in or be associated with or tender
advice or services as an employee, advisor, director, officer, partner, consultant or otherwise by or with any corporation, partnership, or other business considered to be a Competitor of LMC. During that three-year period, Dr. Coffman also agrees
not to interfere with, disrupt, or attempt to disrupt the relationship, contractual or otherwise, between LMC and any customer, supplier or employee of LMC. For the purpose of this Agreement, the term “Competitor” will mean The Boeing
Company, General Dynamics Corporation, Northrop Grumman Corporation, the Raytheon Company, United Technologies Corporation, Honeywell International Inc. or any successor to all or a material part of the business of any such company as a result of a
merger, reorganization, consolidation, spin-off, split-up, acquisition, divestiture, operation of law or similar transaction. 
  
 (b) Covenant to Maintain the Confidentiality of Proprietary Information: Dr. Coffman will not use or disclose to any person Proprietary Information
to which he 

 had access or for which he was responsible for creating during his employment with LMC. All proprietary materials to
which he has had access, or which were furnished or otherwise made available to him in connection with his employment with LMC shall be and remain the property of LMC. All business materials, documents and information belonging to LMC including any
Proprietary Information, and all reproductions of those materials, documents and information shall be returned to LMC upon request of LMC. For the purpose of this Agreement, the term “Proprietary Information” shall mean any information of
LMC or of others, which has come into LMC’s or Dr. Coffman’s possession, custody or knowledge in the course of his employment that has independent economic value as a result of its not being generally known to the public and is the subject
of reasonable means to preserve the confidentiality of the information. 
  
 (c) Covenant For Advice and Counsel: After April 30, 2005, Dr. Coffman agrees to make himself available upon reasonable request and at his convenience to provide advice and counsel to the LMC Chief Executive Officer from time to time
concerning LMC business operations; provided however, that LMC will reimburse Dr. Coffman for any out of pocket expenses incurred in connection with providing such advice and counsel. Any request for extended assignment requiring more than limited
amounts of time will be separately negotiated. 
  
 2. Covenants
of LMC: LMC agrees as follows: 
  
 (a) Covenant to
Amend 2004 Option Grant: LMC, acting by resolution of the Management Development and Compensation Committee of the Board of Directors has amended Dr. Coffman’s January 2004 option grant to provide that upon his retirement, his options will
not be forfeited and will continue to vest upon the vesting dates set forth in the original award agreement. 
  
 (b) Covenant to Provide Office Support and Home Security: From the date of his retirement until April 30, 2005, LMC will make available to Dr.
Coffman office space and secretarial support at LMC headquarters in Bethesda, Maryland. LMC will also make available to Dr. Coffman office space and secretarial support for his use outside Bethesda, MD as designated by Dr. Coffman. Following his
retirement, LMC will provide equipment, connectivity and technical support to maintain home offices at his residences. LMC will also provide security systems and related support for his residences. 
  
 (c) Covenant to Make Contribution to Academic Institution: LMC acting
by resolution of the Strategic Affairs Committee of the Board of Directors has authorized a one-time contribution in the amount of $1,500,000 to endow a chair in the name of Dr. Coffman at Iowa State University. 
  
 (d) Covenant to Provide Use of Corporate Aircraft: Until April 30,
2005, for security purposes, Dr. Coffman will have access to the LMC fleet of corporate aircraft for business and personal use in accordance with LMC’s policies for use of corporate aircraft. After April 30, 2005, Dr. Coffman will have use of
the corporate aircraft for 
  

 2 

 approved LMC business purposes. Dr. Coffman will reimburse LMC at appropriate IRS rates if a family member accompanies
him on a trip on the corporate aircraft unless the family member’s attendance is for a business purpose. 
  
 (e) Covenant to Provide Relocation Costs: LMC will pay on Dr. Coffman’s behalf expenses incurred for moving his household goods to the west
coast in an amount not to exceed $50,000. 
  
 (f) Covenant to
Provide Miscellaneous compensation items: LMC will continue Dr. Coffman’s country club memberships through April 2005, to be used by Dr. Coffman as Chairman of the Board of Directors. 
  
 3. Miscellaneous Provisions: 
  
 (a) Effective Date of Agreement: This Agreement will become effective
upon the date of execution by both parties. 
  
 (b) Governing
Law: This Agreement shall be governed by Maryland law, without regard to its provisions governing conflicts of law. Any dispute concerning this Agreement shall be determined by binding arbitration under the American Arbitration Association rules
for arbitrating commercial disputes. 
  
 (c) Severability:
It is the desire and intent of the parties that the provisions of this Agreement bind the parties. Accordingly, if any particular portion of this Agreement is adjudicated to be invalid or unenforceable, this Agreement shall be deemed amended to
delete that portion from this Agreement with such deletion to apply only with respect to the operation of that provision in the particular jurisdiction in which such adjudication is made. 
  
 (d) Other Benefits: Nothing in this Agreement is intended to affect any of the other benefits, perquisites or
compensation payable to Dr. Coffman as a result of his employment with LMC or his retirement. 
  
 IN WITNESS WHEREOF, the parties have executed this agreement this 23 day of July, 2004: 
  

			
	 LOCKHEED MARTIN CORPORATION
	 	 VANCE D. COFFMAN

		
	 /s/

	 	 /s/

	 Edward S. Taft
	 	 
	 Senior Vice President, Human Resources
	 	 

  

 3Exhibit 10.4

 Exhibit 10.4 
  
 May 11, 2004 
  
 Mr. Albert E. Smith 
 Executive Vice President 
 Integrated Systems & Solutions 
 Lockheed Martin Corporation 

700 North Frederick Avenue 
 Gaithersburg, Maryland 20879 
  
 Dear Al: 
  
 This letter confirms our recent conversations and our agreement concerning your retirement from Lockheed Martin Corporation
(the “Corporation”). We have agreed as follows: 
  
 1.
You have advised the Corporation of your desire to retire next year. The Corporation would like for you to remain an employee until your retirement to ensure a smooth transition of your current duties as Executive Vice President of the Integrated
Systems & Solutions business area and to assist the Chief Executive Officer of the Corporation in projects that take advantage of your years of experience in a number of the Corporation’s businesses. Accordingly, effective as of June 1,
2004, you will resign as Executive Vice President of the Integrated Systems & Solutions business area and will become Senior Advisor to the Chief Executive Officer of the Corporation. In that position you will report directly to the Chief
Executive Officer of the Corporation and will work on those matters requested of you by the Chief Executive Officer. You will remain Senior Advisor to the Chief Executive Officer until you retire from the Corporation effective February 1, 2005.
Subject to the Corporation’s compliance with the requirements of applicable law, the timing and nature of the announcement of your new position with the Corporation will be agreed upon by you, Dr. Coffman and Mr. Stevens. 
  
 2. Effective upon your resignation as Executive Vice President of the
Integrated Systems & Solutions business area on June 1, 2004, you will no longer be considered an officer of the Corporation for purposes of the provisions of Section 16 of the Securities Exchange Act of 1934. Your status as an elected corporate
officer will continue until your retirement on February 1, 2005. 
  
 3. Until your retirement on February 1, 2005, you will not accept employment from any other entity. During that period, however, you may continue to participate as a member of the Defense Science Board. You may serve as a member of

 other boards of for profit and not for profit entities provided that service on those boards does not conflict with the
duties contemplated by this letter or create any actual or apparent conflict of interest with the Corporation and its affiliates. 
  
 4. During the period from June 1, 2004 until your retirement on February 1, 2005, you will maintain your primary office in your home and will be provided,
on an as-needed basis, with part time administrative support and a visitor’s office at the Corporation’s headquarters in Bethesda, Maryland. In addition, you will be authorized for business travel as required from time to time. All
business expenses and travel are subject to the Corporation’s policies and practices and approval by Edward S. Taft, Senior Vice President, Human Resources. 
  
 5. During the period from June 1, 2004 until your retirement on February 1, 2005, you will continue to receive base pay at
your current rate of $690,000 per year and will be entitled to continue to participate in the Corporation’s health and welfare plans and savings plans in accordance with the terms and conditions of those plans. In addition, you will continue as
a participant in the Corporation’s stock option and long term incentive plans and will be eligible for retirement and pension benefits under the Corporation’s retirement and pension plans in accordance with the terms and conditions of
those plans. With regard to post-retirement benefits, you will be entitled to receive benefits under the post retirement life insurance, umbrella insurance and financial counseling arrangements sponsored by the Corporation based on and subject to
the terms and conditions offered by the Corporation as of the date of your retirement. 
  
 6. For calendar year 2004, any annual bonus payable to you under the Corporation’s Management Incentive Compensation Plan will be based on the following: 
  

	 	•	your “personal rating” under the plan will be equal to your average personal rating under the plan for calendar years 2001, 2002 and 2003; 

  

	 	•	the “corporate rating” under the plan will be the actual corporate rating determined by the Board of Directors under the plan for calendar year 2004; and

  

	 	•	if, based on the personal rating and corporate rating described above, you are entitled to a bonus for 2004, the bonus will be paid upon the expiration of the revocation period
contemplated by the Release and Covenant not to Compete Agreement in the form attached to this letter as Addendum A (the “Release and Noncompete Agreement”). 

  
 You will not be eligible to participate in the Management Incentive Compensation Plan or any other annual incentive compensation plan for
calendar year 2005. 
  
 7. The Corporation has agreed to make a
special termination payment to you in the amount of $345,000 following the execution by you of the Release and Noncompete Agreement, provided that the Release and Noncompete Agreement is executed by you no sooner than your last day of employment
with the Corporation on January 31, 2005, is delivered by you to the Corporation (to the attention of the Senior Vice President, Human Resources) no later than February 7, 2005, and is not revoked by you prior to the revocation date specified in the
Release and Noncompete Agreement. 
  

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 8. Except for any payments to you under the Release and Noncompete Agreement in accordance with paragraph
7 above and the terms and conditions of the Release and Noncompete Agreement, you have agreed that you will not be entitled to and will not receive any severance or termination benefits in connection with your termination of employment with, or
retirement from, the Corporation. 
  
 9. You acknowledge that
throughout the duration of your employment with the Corporation, you have had access to and may have generated a substantial amount of information that is proprietary and confidential to the Corporation. Additionally, you may have had access to
certain third-party proprietary information that had been provided in confidence to the Corporation. In consideration of your employment by the Corporation, you have undertaken an obligation, both during and following your employment, not to use or
disclose to others, any Proprietary Information, except as authorized by the Corporation. “Proprietary Information” means any information of the Corporation or of others that has come into the Corporation’s or your possession, custody
or knowledge in the course of your employment that has independent economic value as a result of its not being generally known to the public and is the subject of reasonable means to preserve the confidentiality of the information. “Proprietary
Information” includes but is not limited to information, whether written or otherwise, regarding the Corporation’s earnings, expenses, marketing practices, cost estimates, forecasts, bid and proposal practices and data, financial data,
trade secrets, products, procedures, inventions, systems or designs, manufacturing or research processes, material sources, equipment sources, customers and prospective customers, business plans, strategies, buying practices and procedures,
prospective and executed contracts and other business arrangements or business prospects, except to the extent such information becomes readily available to the general public lawfully and without breach of a confidential, contractual, or fiduciary
duty. 
  
 By signing below, you acknowledge and agree that you
have a continuing obligation to not use or disclose Proprietary Information. Further, all materials to which you have had access, or which were furnished or otherwise made available to you in connection with the services performed for the
Corporation shall be and remain the property of the Corporation. All such materials, documents and information, including any Proprietary Information and all copies thereof shall be returned by you promptly to the Corporation upon your retirement on
Feburary 1, 2005.  
  
 The Corporation and you each
acknowledge and agree that the provisions regarding confidentiality in this paragraph 9 shall not affect your obligation to cooperate with any U.S. government investigation or to respond truthfully to any lawful governmental inquiry or to give
truthful testimony in court. 
  
 10. You acknowledge and agree
that your right to receive the bonus contemplated by paragraph 6 above and your right to receive the payment under the 
  

 3 

 Release and Noncompete Agreement in accordance with paragraph 7 above are expressly subject to your compliance with the
terms and conditions of this letter, the execution by you of the Release and Noncompete Agreement in accordance with paragraph 7 above, and the expiration of the revocation period under the Release and Noncompete Agreement without the exercise of
your revocation right. 
  
 11. By signing below, you acknowledge
that the Corporation may be required under applicable law to provide a copy of this letter and the Release and Noncompete Agreement to the Securities and Exchange Commission or to include a copy of this letter and the Release and Noncompete
Agreement as an exhibit to the Corporation’s periodic reports filed with the Securities and Exchange Commission. You hereby consent to any such disclosure of the terms and conditions of this letter and the Release and Noncompete Agreement and
any other disclosure required by applicable law, rule or regulation. 
  
 12. Unless the context otherwise requires, references in this letter to the “Corporation” include Lockheed Martin Corporation and its affiliates, as well as predecessors and successors of Lockheed Martin Corporation and its
affiliates. 
  
 13. This letter and the Release and Noncompete
Agreement shall be governed by and interpreted in a manner consistent with the laws of the State of Maryland without reference to the principles of conflicts of law. 
  
 By signing below, you acknowledge that the Corporation has advised you to consult with a lawyer prior to signing this letter
and that the letter accurately reflects our agreement to the terms and conditions of your termination of employment with the Corporation upon your retirement effective as of February 1, 2005. 
  

			
	 Sincerely,

	
	 LOCKHEED MARTIN CORPORATION

		
	 By:
	 	 /s/

	 	 	 Edward S. Taft

	 	 	 Senior Vice President, Human Resources

  

	
	 ACCEPTED AND AGREED TO

	 AS OF THE 11 DAY OF MAY 2004

	
	 /s/

	 Albert E. Smith

  

 4 

 ADDENDUM A 
  
 Important Notice: You are advised to read this Release and Covenant Not To Compete Agreement carefully and to consult with a lawyer prior to signing
it. To be eligible for any bonus payable to you under the Lockheed Martin Management Incentive Compensation Plan for 2004 and the special termination payment of $345,000, you must sign this Release no sooner than your last date of employment
(January 31, 2005) and deliver the executed Release to Lockheed Martin Corporation (attention Senior Vice President, Human Resources) on or before February 7, 2005. 
  
 RELEASE AND COVENANT NOT TO COMPETE AGREEMENT 
  
 Lockheed Martin Corporation (the “Corporation”) and I, Albert E. Smith, voluntarily enter into this Release and
Covenant Not To Compete Agreement (“Agreement” or “Release”) and agree as follows: 
  
 Benefits Payable. In consideration of the payment of a bonus for 2004 under the Corporation’s Management Incentive Compensation Plan
and the special termination payment and the other benefits provided to me (collectively, the “Special Termination Package”), as described in the letter agreement dated May 11, 2004, between the Corporation and me (“Letter”), the
terms of which are incorporated herein by reference, on my own behalf and on behalf of my successors, assigns and representatives, I hereby irrevocably and unconditionally release any and all Claims, as described below, that I may now have against
the Released Parties listed below. I agree that the Special Termination Package is greater in value than any benefit to which I am otherwise entitled. 
  
 Claims not Released. By this Release, I am not releasing any rights to benefits that I may be entitled to under any of the
Corporation’s retirement plans or programs or any of the Corporation’s plans providing for post-retirement health and welfare benefits, or any rights to enforce the terms of the Letter or this Agreement. 
  
 Claims Released. Subject only to the exceptions noted in the
previous paragraph, I agree to waive and fully release any and all claims of any nature whatsoever (known and unknown), promises, causes of action or similar rights of any type (“Claims”) that I may now have or have had with respect to any
of the Released Parties listed below. These Claims released include, but are not limited to, claims that in any way relate to my employment with the Corporation or the termination of that employment; any claims for monetary damages, wages, bonuses,
commissions, unused sick pay; any claims to severance or similar benefits; any claims to expenses, attorneys’ fees or other indemnities; or claims for other personal remedies or damages sought in any legal proceeding or charge filed with any
court, federal, state or local agency either by me or by a person claiming to act on my behalf or in my interest. 
  

 5 

 ADDENDUM A 
  
 I understand that the Claims I am releasing might have arisen under many different local, state and federal statutes, regulations, case law and/or common
law doctrines. By this Release, I specifically, but without limitation, agree to release all of the Released Parties from Claims under the following: 
  
 Antidiscrimination laws, such as Title VII of the Civil Rights Act of 1964, as amended, and Executive Order 11246 (which prohibit
discrimination based on race, color, national origin, religion, or sex); Section 1981 of the Civil Rights Act of 1866 (which prohibits discrimination based on race or color); the Age Discrimination in Employment Act, including the Older Worker
Benefit Protection Act, and Executive Order 11141 (which prohibit discrimination based upon age); the Americans with Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973 (which prohibit discrimination based upon disability);
the Equal Pay Act (which prohibits paying men and women unequal pay for equal work); or any other local, state or federal statutes prohibiting discrimination or retaliation on these or any other grounds or otherwise governing the employment
relationship. 
  
 Federal Employment laws, such as
the WARN Act (which requires that advance notice be given of certain workforce reductions); the Employee Retirement Income Security Act of 1974 (which, among other things, protects employee benefits); Fair Labor Standards Act of 1938 (which
regulates wage and hour matters); the Family and Medical Leave Act of 1993 (which requires employers to provide leave of absence under certain circumstances); and any other federal laws relating to employment, such as veterans’ reemployment
rights laws. 
  
 Other laws, such as federal,
state, or local laws restricting an employer’s right to terminate employees, or otherwise regulating employment; any federal, state, or local law enforcing express or implied employment contracts or covenants; any other federal, state or local
laws providing relief for alleged wrongful discharge, physical or personal injury, emotional distress, fraud, negligent misrepresentation, defamation, invasion of privacy, violation of public policy and similar or related claims. 
  
 I warrant that I have not assigned or transferred any Claims described in
this Release to any third parties. 
  
 Unknown
claims. This release extends to all Claims that I may now have, even Claims unknown at this time, and to the extent applicable is an express waiver by me of the protection of Section 1542 of the Civil Code of California or any other similar
provision under any other state’s laws. Section 1542 of the Civil Code states: 
  
 “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known to him must have materially affected his
settlement with the debtor.” 
  
 (For the purposes of
this Release of Claims, I would be considered the “creditor” and the Corporation would be considered the “debtor”). 
  

 6 

 ADDENDUM A 
  
 Released Parties. “Released Parties” includes the Corporation, its affiliates, subsidiaries, and related companies, partnerships,
or joint ventures; and with respect to each of them, all predecessors and successors; and with respect to each entity, all past and present employees, directors, officers, shareholders, representatives, agents, attorneys, assigns, insurers and any
other persons acting by, through or under, or in concert with any of the persons or entities listed in this paragraph. 
  
 Covenant Not To Compete. In exchange for the consideration described above and in the Letter, I hereby agree, among other things, during the
three year period following the termination of my employment with the Corporation, I will not, on my own or in association with others, either be directly or indirectly employed by or engaged in or be associated with or tender advice or services as
an employee, director, officer, advisor, partner, consultant or otherwise by or with a Competitor. During that three year period, I also agree not to interfere with, disrupt, or attempt to interfere with or disrupt the relationship, contractual or
otherwise, between the Corporation and any customer, supplier or employee of the Corporation with whom I had contact with or responsibility for while I was employed by the Corporation. For purposes of this Agreement, “Competitor” shall
mean The Boeing Company, General Dynamics Corporation, Northrop Grumman Corporation, the Raytheon Company, United Technologies Corporation, Honeywell International Inc. or any successor to all or part of the business of any such company as a result
of a merger, reorganization, consolidation, spin-off, split-up, acquisition, divestiture, operation of law or similar transaction. Notwithstanding the foregoing, in the event that I am engaged as an employee, director, officer, advisor, partner,
consultant or otherwise with an entity that at the time of such engagement is not affiliated with a Competitor and has not announced an intention or agreement to become affiliated with a Competitor, and subsequent to the date on which I become so
engage the entity becomes an affiliate of or is acquired by a Competitor, I shall not be prohibited from continuing that engagement provided that the scope of my responsibilities may not be enlarged beyond the business of the entity with which I
initially become so engaged. 
  
 I understand and agree that the
duration and area for which these restrictions are to be effective are fair and reasonable in light of the consideration paid under this Agreement. I agree and acknowledge that these restrictions are reasonably required for the protection of the
Corporation’s legitimate business interests from unfair competition as a result of the high level executive and management positions I have held within the Corporation and my attendant access to and extensive knowledge of the Corporation’s
confidential and proprietary property and information, including trade secrets, customer and supplier relationships and good will. 
  
 I acknowledge that the Corporation’s remedies at law may be inadequate to protect the Corporation against any actual or threatened breach of the
provisions of this Covenant Not To Compete, and, therefore, without prejudice to any other rights and remedies otherwise available at law or in equity (including but not 
  

 7 

 ADDENDUM A 
  
 limited to, an action for damages), the Corporation shall be entitled to the granting of injunctive relief in its favor without proof of actual damages or
the posting of any bond or other security and to specific performance of any such provisions of this Covenant Not To Compete. 
  
 It is the desire and intent of the parties that the provisions of this Covenant Not to Compete shall be enforced to the fullest extent permissible under
the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular portion of this Covenant Not to Compete is adjudicated to be invalid or unenforceable, this Covenant Not to Compete shall be
deemed amended to delete therefrom the portion thus adjudicated to be invalid or unenforceable (or in the case of the duration of the restrictions imposed by this Covenant Not to Compete, the period of these restrictions shall be shortened to the
period that is determined to be permissible), such deletion (or modification) to apply only with respect to the operation of this Covenant Not to Compete in the particular jurisdiction in which such adjudication is made. 
  
 Other provisions. The parties agree that this Release
prohibits my ability to pursue any Released Claims or charges against the Released Parties seeking monetary relief or other remedies for myself and/or as a representative on behalf of others. 
  
 This Release does not affect my ability to cooperate with any future ethics,
legal or other investigations or proceedings, whether conducted or initiated by the Corporation, a governmental agency or any other third party. I agree and covenant that I will, to the extent reasonably requested by the Corporation, cooperate with
and serve in any capacity requested by the Corporation in any pending or future litigation or investigations in which the Corporation is a party and regarding which I, by virtue of my employment with the Corporation, have knowledge or information
relevant to the litigation or investigation. I further agree and covenant that, in any such litigation or investigation, I will, without the necessity for a subpoena, provide in any jurisdiction in which the Corporation requests, truthful testimony
relevant to the litigation or investigation. 
  
 A determination
by a court or arbitrator that any provision of this Release is invalid, illegal or unenforceable shall not affect the validity, legality or enforceability of any other provision of this Release. 
  
 For the purposes of the Letter and the Release, the term
“Corporation” includes Lockheed Martin Corporation and its affiliates as well as the predecessors and successors of Lockheed Martin Corporation and its affiliates. 
  
 This Release, together with the Letter, contains all of the representations and agreements between me and the Corporation
relating to my termination of employment, and supersedes any prior agreements or representations between us as to the subjects covered herein. This Release may be modified, supplemented or superseded only in a written document signed by both
parties. 
  

 8 

 ADDENDUM A 
  
 This Release shall be governed by and construed in accordance with the laws of the State of Maryland, without giving effect to the choice of law or
conflict of law provisions thereof. 
  
 By signing below, in
addition to releasing all Claims described herein, I acknowledge that: 
  

	 	a)	I have been advised to consult with a lawyer prior to signing this Release. 

  

	 	b)	I was given more than 21 days to review and consider the terms of this Release. 

  

	 	c)	I understand that I must sign this Release no sooner than my last day of employment with the Corporation (which is January 31, 2005) and must deliver this signed Release to the
Corporation in the care of the Senior Vice President, Human Resources, whose office is located at 6801 Rockledge Drive, Bethesda, Maryland 20817, so that it is received by the Corporation on or before the close of business on February 7, 2005.

  

	 	d)	I understand that I may revoke this Release within seven calendar days from the date of signing, in which case this Release shall be null and void and of no force and effect on the
Corporation or me, and that this Release shall not become effective or enforceable until the revocation period has expired. I further understand and acknowledge that to be effective, the revocation must be in writing and either personally delivered,
sent certified mail, return receipt requested, or overnight delivery service to the Corporation in the care of the Senior Vice President, Human Resources, whose office is located at 6801 Rockledge Drive, Bethesda, Maryland 20817 by 5:00 p.m. on or
before the seventh calendar day after I sign this Release. If I revoke this Release on the last day of the revocation period (on the seventh calendar day after signing the Release), then I agree that I will fax the revocation notice to the Senior
Vice President, Human Resources, at 301-897-6758 such that it is received by 5:00 p.m. on that day and will then follow up by sending the original revocation via certified mail or overnight delivery to the Senior Vice President, Human Resources, at
the above address. 

  

	 	e)	I have read this Release, and I am fully aware of the legal effects of the Release. I have chosen to execute the Release freely, without reliance upon any promises or
representations made by the Corporation other than those contained or referenced in this Release. 

  

	 	f)	I understand that I will receive any bonus for 2004 due me under the Corporation’s Management Incentive Compensation Plan and the payment of $345,000 contemplated by the Letter
and this Release in a lump sum, less applicable tax withholdings, within 10 days of the expiration of the seven-day revocation period, provided that I do not revoke this Release within the seven-day revocation period. 

  
 SIGNED this
             day of              2005. 
  

 9 

 ADDENDUM A 
  

	
	

	Albert E. Smith

  
 EXECUTED RELEASE RECEIVED BY
LOCKHEED MARTIN CORPORATION ON 
  

			
	 Date:
	 	  

		
	 By:
	 	  

	 	 	 Edward S. Taft

	 	 	 Senior Vice President, Human Resources

  

 10

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