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Frequently Asked Questions

Please find below answers to frequently asked questions
  1. WHAT IS THIS CASE ABOUT?
  2. WHO IS INCLUDED IN THE SETTLEMENT?
  3. DO I NEED TO DO ANYTHING TO BE PART OF THE SETTLEMENT?
  4. HOW WILL THE SETTLEMENT MONEY BE ALLOCATED?
  5. HOW ARE SETTLEMENT FUNDS DISTRIBUTED?
  6. WHAT HAPPENS NEXT?
  7. WHAT ARE MY OPTIONS WITH REGARD TO THE HEARING ON WHETHER TO APPROVE THE SETTLEMENT AGREEMENT?
  8. WHOM SHOULD I CONTACT IF I HAVE QUESTIONS?
  1. WHAT IS THIS CASE ABOUT?

    The Action is brought on behalf of participants in or and beneficiaries of the Textron Savings Plan (the "Plan") at any time between July 17, 2007 and December 31, 2011 (the "Class Period") whose account(s) included investments in the Textron Stock Fund.

    Plaintiffs bringing the Action allege that the Defendants were fiduciaries of the Plan and violated fiduciary duties of loyalty, care and prudence under the federal Employee Retirement Income Security Act ("ERISA") that they owed to participants in the Plan regarding the Plan's investment of assets in the stock of Textron.

    In the complaint, Plaintiffs asserted causes of action for the losses they allege were suffered by the Plan as the result of the alleged breaches of fiduciary duty by the Defendants.

    Participants in the Plan were able to allocate their account balances among various investment funds. The investment funds included a fund invested in Textron common stock ("Textron Stock Fund").

    This Action involves only investments in the Textron Stock Fund.

    Textron and the other Defendants deny the claims in the Action and have vigorously defended the litigation. The Defendants have expressly denied any wrongdoing or liability of any kind.

    Plaintiffs do not concede in settling this Action that their claims lack merit. The defendants deny any wrongdoing. The Plaintiffs and the Defendants agreed to the Settlement to ensure a resolution and avoid the cost and risk of further litigation.

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  2. WHO IS INCLUDED IN THE SETTLEMENT?

    Members of the Settlement Class are individuals who:

    1. were participants in or beneficiaries of the Textron Savings Plan at any time between July 17, 2007 and December 31, 2011,


    2. whose Plan account held or purchased shares in Textron Stock Fund during this period, and


    3. are not Defendants in the lawsuit.


    Plan participants who did not hold an investment in the Textron Stock Fund at some time between July 17, 2007 and December 31, 2011 are not members of the Settlement Class.

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  3. DO I NEED TO DO ANYTHING TO BE PART OF THE SETTLEMENT?

    You do not need to file a claim or take any other action to receive a payment in connection with the proposed Settlement. All necessary calculations will be made using the Plan's records.

    If the Settlement is approved by the Court and you are a member of the Settlement Class, you will receive whatever payment you may be entitled to under the Court-approved Plan of Allocation without having to file a claim or take any other action.

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  4. HOW WILL THE SETTLEMENT MONEY BE ALLOCATED?

    If the Settlement is approved by the Court and becomes Final, the Net Settlement Fund will be allocated according to the Court-approved Plan of Allocation. The proposed Plan of Allocation will be considered by the Court at the Fairness Hearing. The proposed Plan of Allocation is available along with other settlement documents on the Case Documents tabs of this website.

    If you are an eligible Settlement Class Member, the amount of your payment, if any, will depend on the amount of your "Net Market Loss," as calculated pursuant to the Plan of Allocation, and how that amount compares to the Net Market Losses of the other qualifying Settlement Class Members.

    Whether you have a Net Market Loss under the Plan of Allocation depends on whether and when you bought and/or sold shares of the Textron Stock Fund between July 17, 2007 and December 31, 2011.

    You are not responsible for calculating the amount you may be entitled to receive under the proposed Settlement. This calculation will be done by the Settlement Administrator as part of the implementation of the Settlement

    Those performing the calculations will have access to all relevant Plan records. You do not need to supply your Plan account statements or records or file a claim.

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  5. HOW ARE SETTLEMENT FUNDS DISTRIBUTED?

    If the Court ultimately approves the Settlement, and your losses qualify you for a distribution from the Net Settlement Fund, then the Net Settlement Fund will be distributed in one of two ways:

    • If you are a Settlement Class Member who is a current Plan participant, your share will be deposited into your existing Plan account and allocated in accordance with your existing investment elections. You may reallocate their settlement payment if and as permitted by the Plan.


    • If you are a Settlement Class Member who liquidated your Plan account, your share will be distributed via check to the address the mailed notice of the Proposed Settlement was mailed to.


    All payments to eligible Settlement Class Members will be made as promptly as possible after all costs, taxes and other required disbursements are taken out of the Settlement Fund and the balance is transferred to the Plan to be deposited in existing Plan accounts and checks are sent by the Settlement Administrator to eligible Settlement Class Members who no longer have Plan accounts. Please be patient.

    If any of the following applies to you, please contact the Settlement Administrator as soon as possible: (1) your status as a current Plan participant has recently changed or may change in the near future; (2) your mailing address has recently changed or may change in the near future; or (3) you did not receive a mailed notice of the proposed Settlement but believe that you are a Settlement Class Member. See the Contact Us tab of this website for information on how to contact the Settlement Administrator.

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  6. WHAT HAPPENS NEXT?

    The Court will hold a Fairness Hearing at 11:00 a.m. on January 24, 2014, at the United States District Court for the District of Rhode Island, Federal Building and United States Courthouse, One Exchange Terrace, Providence, RI 02903-1270, in Courtroom 1 before Chief Judge Mary M. Lisi

    At the Fairness Hearing, the Court will consider whether the settlement is fair, reasonable and adequate. The Court will also consider the proposed Plan of Allocation and the applications for attorneys' fees, expenses and case contribution awards. The Court will take into consideration any written objections and will also allow any person who has objected and timely filed a Notice of Appearance to speak at the Fairness Hearing. After the Fairness Hearing, the Court will decide whether to approve the settlement and whether to award any attorneys' fees, expenses and/or case contribution awards. We do not know how long these decisions will take.

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  7. WHAT ARE MY OPTIONS WITH REGARD TO THE HEARING ON WHETHER TO APPROVE THE SETTLEMENT AGREEMENT?

    Settlement Class Members do not need to appear at the hearing or take any other action to indicate their approval. Lawyers for the Settlement Class will answer questions the Court may have. Settlement Class Members are welcome to attend the Fairness Hearing at their own expense.

    If you are a Settlement Class Member as defined by the Court, you may object to the Settlement or any of its terms, including the proposed Plan of Allocation, the request for attorneys' fees and reimbursement of expenses, and/or the request for case contribution awards. To object, you must submit a written objection, which must be filed with the Court, and mailed to the Lawyers listed in the Notice of Class Action Settlement. Your written objection must be filed with the Clerk of the Court and served by mail on both Plaintiffs' and Defendants' lawyers on or before November 27, 2013, in accordance with the instructions described in the Notice of Class Action Settlement. For more information, see the Notice of Class Action Settlement, especially the answer to Question #16 in that Notice.

    YOU DO NOT NEED TO GO TO THE HEARING TO HAVE YOUR WRITTEN OBJECTION CONSIDERED BY THE COURT. If you do file an objection with the Court, however, you may appear in person or arrange, at your expense, for a lawyer to represent you at the hearing in accordance with the instructions at Question #19 in the Notice of Class Action Settlement. If you intend to appear at the hearing, or have an attorney appear on your behalf, please confirm with Class Counsel that the time and date of the hearing have not changed. If you do file an objection, you may be subject to discovery by the parties to the Action on the issues related to your objection, including having your deposition taken.

    You may review and print a copy of the Notice of Class Action Settlement by visiting the Case Documents tab of this website.

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  8. WHOM SHOULD I CONTACT IF I HAVE QUESTIONS?

    You may submit inquiries via email to classact@gilardi.com or by calling the case toll-free information line at (888) 270-0711.

    If sending an email, please be sure to include the name of the case, your name, the last four digits of your Social Security number for verification purposes and the nature of your inquiry.

    Please do not contact the Court with questions. The court personnel will not be able to answer your questions.

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