8-KOther Events

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Corporate Update (Jun 13, 2008)

Filed June 13, 2008For Securities:LHX

Summary

This 8-K filing by Harris Corporation on June 13, 2008, primarily announces the establishment of a pre-arranged stock sale plan by its CEO, Howard L. Lance. This plan, designed for asset diversification and financial planning, allows for the sale of up to 63,000 shares awarded under a 2005 Performance Share Award. The sales are scheduled for September 2008 and comply with Rule 10b5-1 guidelines, ensuring the plan is implemented without the CEO being in possession of material non-public information. Investors should note that this plan is part of the CEO's established long-term financial strategy and that his ownership interest in the company remains substantial even after these planned sales. The transactions will be publicly disclosed via Form 4 and Form 144 filings. The overall event signifies a planned, orderly divestment by a key executive, rather than an immediate reaction to market conditions or company performance.

Key Highlights

  • 1CEO Howard L. Lance established a pre-arranged stock sale plan for up to 63,000 Harris Corporation shares.
  • 2The plan is designed for asset diversification and long-term financial, estate, and tax planning.
  • 3Shares to be sold were awarded under a Performance Share Award granted on August 27, 2005.
  • 4The sale is scheduled for September 2008, following tax withholding.
  • 5The plan complies with Rule 10b5-1, allowing trades even if the CEO later obtains material non-public information.
  • 6The CEO's ownership interest exceeds company guidelines even after the planned sale.
  • 7Transactions will be publicly disclosed through Form 4 and Form 144 filings.

Frequently Asked Questions

The CEO, Howard L. Lance, established a written pre-arranged plan to sell shares as part of his long-term strategy for asset diversification and financial, estate, and tax planning.

The plan allows for the sale of a maximum of 63,000 shares, to be sold on a predetermined date in September 2008, after sufficient shares are withheld for tax purposes.

No, the filing states the plan was established in accordance with Rule 10b5-1 and the company's insider trading policy, and is part of the CEO's long-term financial planning. His ownership interest is stated to be considerably in excess of stock ownership guidelines, even after this planned sale.

Yes, the transactions under the plan will be disclosed publicly through Form 4 and Form 144 filings with the Securities and Exchange Commission.