Summary
This 8-K filing from Harris Corporation reports on a pre-arranged stock trading plan established by Gary L. McArthur, Vice President and Chief Financial Officer. The plan, designed for diversification and financial planning, involves exercising stock options and selling a significant portion of the acquired shares. This action is being taken in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934, ensuring the trades are executed without regard to any future material non-public information. Investors should note that the plan allows for the sale of up to 44,394 shares, commencing in June 2006 and concluding by March 2007. These sales are subject to specific limitations and minimum price thresholds. The company emphasizes that Mr. McArthur will maintain an ownership stake well above the company's stock ownership guidelines, and all transactions will be publicly disclosed through SEC filings, providing transparency to the market.
Key Highlights
- 1CFO Gary L. McArthur has established a pre-arranged stock trading plan.
- 2The plan involves exercising stock options and subsequently selling shares.
- 3Up to 44,394 shares are slated for sale.
- 4Sales are scheduled to occur between June 2006 and March 2007.
- 5The plan adheres to Rule 10b5-1, ensuring trades are made without insider knowledge.
- 6Sales are subject to minimum price thresholds and other limitations.
- 7Mr. McArthur's stock ownership will remain above company guidelines.