Summary
This 8-K filing from Harris Corporation (now L3Harris Technologies, Inc.) reports on May 14, 2007, that its Chairman, President, and CEO, Howard L. Lance, established a pre-arranged stock trading plan. This plan, designed for asset diversification and financial planning, was set up in compliance with Rule 10b5-1 of the Securities Exchange Act and the company's insider trading policy. The plan allows for the sale of up to 60,000 Harris shares, primarily to cover tax withholding obligations associated with a 2004 Performance Share Award. The predetermined sale date is in September 2007, with provisions for early termination or suspension under specific circumstances. The company emphasizes that Mr. Lance's stock ownership will remain significantly above company guidelines even after these planned sales, indicating a continued strong commitment to the company's performance. The transactions will be reported via standard SEC filings (Form 4 and Form 144).
Key Highlights
- 1CEO Howard L. Lance established a pre-arranged stock trading plan on May 14, 2007.
- 2The plan complies with SEC Rule 10b5-1 and Harris' insider trading policy.
- 3The plan allows for the sale of up to 60,000 Harris shares.
- 4The primary purpose of the sale is to cover tax withholding for a 2004 Performance Share Award.
- 5Sales are scheduled for a predetermined date in September 2007.
- 6The plan is part of the CEO's long-term asset diversification and financial planning strategy.
- 7CEO's stock ownership will remain well above guidelines post-sale.