Summary
This 8-K filing from Harris Corporation, dated February 14, 2007, reports on a pre-arranged stock sale plan adopted by its Chairman, President, and CEO, Howard L. Lance. The plan is designed for personal financial, estate, and tax planning, and to facilitate asset diversification. It was established in compliance with Rule 10b5-1 under the Securities Exchange Act of 1934 and the company's insider trading policy, ensuring trades are made without the use of material non-public information. Investors should note that the plan allows for the potential sale of up to 130,000 shares of Harris stock, commencing in March 2007 and concluding by June 2007. Some of these shares will be acquired through the exercise of stock options. Mr. Lance's existing ownership significantly exceeds the company's stock ownership guidelines, suggesting this plan is a structured approach to managing a portion of his holdings rather than an indicator of negative company outlook. All transactions will be publicly disclosed via Form 4 and Form 144 filings.
Key Highlights
- 1CEO Howard L. Lance adopted a written pre-arranged stock sale plan.
- 2The plan complies with Rule 10b5-1 and the company's insider trading policy.
- 3The purpose is for asset diversification and personal financial, estate, and tax planning.
- 4Up to 130,000 shares of Harris stock may be sold.
- 5Sales are scheduled to begin in March 2007 and conclude by June 2007.
- 6A portion of shares will be acquired through the exercise of stock options.
- 7CEO's ownership exceeds company stock ownership guidelines.