Summary
This Form 8-K filing from Harris Corporation, dated August 10, 2007, discloses a pre-arranged stock trading plan established by Gary L. McArthur, Vice President and Chief Financial Officer. The plan outlines the exercise of stock options and subsequent sale of up to 24,000 shares of Harris common stock over a period from November 2007 to June 2008. The primary purpose of this plan is for Mr. McArthur's long-term asset diversification, financial, estate, and tax planning. It's important to note that the plan was established in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934, ensuring that trades are made when Mr. McArthur was not in possession of material non-public information. Additionally, the filing reports that Mr. McArthur immediately exercised options for 20,000 shares and sold them on August 10, 2007.
Key Highlights
- 1CFO Gary L. McArthur established a pre-arranged stock trading plan under Rule 10b5-1.
- 2The plan involves exercising stock options and selling up to 24,000 Harris Corporation shares.
- 3The sales are scheduled to occur between November 2007 and June 2008.
- 4The purpose of the plan is for personal asset diversification and financial/estate/tax planning.
- 5The plan ensures trades are executed without the CFO possessing material non-public information.
- 6Mr. McArthur exercised options for 20,000 shares and sold them on August 10, 2007.
- 7Mr. McArthur's share ownership will remain in excess of company guidelines after these transactions.