8-KOther Events

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Corporate Update (May 9, 2011)

Filed May 9, 2011For Securities:LHX

Summary

This 8-K filing from Harris Corporation reports on a pre-arranged stock trading plan established by Gary L. McArthur, Senior Vice President and Chief Financial Officer. The plan, designed for diversification and financial planning, allows for the sale of 12,000 shares of Harris stock. It complies with Rule 10b5-1 of the Securities Exchange Act of 1934, ensuring trades are executed without the influence of material non-public information. The sales are scheduled to begin in June 2011, subject to specific price thresholds and potential termination or suspension clauses. Investors should note that this plan is part of Mr. McArthur's long-term strategy and is structured to comply with the company's insider trading policy. The sales will not cause Mr. McArthur's stock ownership to fall below company guidelines for executive officers. Harris Corporation stated it will not proactively report on Rule 10b5-1 plans of other officers or directors, but transactions under this specific plan will be publicly disclosed via Form 4 and Form 144 filings.

Key Highlights

  • 1Harris Corporation's CFO, Gary L. McArthur, has established a Rule 10b5-1 trading plan.
  • 2The plan allows for the sale of 12,000 shares of Harris Corporation stock.
  • 3Sales are set to commence in June 2011, subject to price thresholds and specific event triggers.
  • 4The plan is designed for diversification and long-term financial, estate, and tax planning.
  • 5Compliance with Rule 10b5-1 ensures trades are made without possession of material non-public information.
  • 6Mr. McArthur's stock ownership will remain above company guidelines for executive officers.
  • 7Details of the plan's transactions will be publicly disclosed via Form 4 and Form 144 filings.

Frequently Asked Questions

A Rule 10b5-1 trading plan is a written document that allows company insiders, such as executives, to buy or sell company stock at a predetermined time and price. It is established when the insider does not possess material non-public information, providing a defense against accusations of insider trading.

The CFO, Gary L. McArthur, has established this plan as part of his long-term strategy for asset diversification and financial, estate, and tax planning. It's a structured way to manage his personal investments over time.

The plan involves the sale of 12,000 shares, which is a specific amount. The filing states that these sales will not reduce Mr. McArthur's ownership below Harris's stock ownership guidelines for executive officers. While any insider selling can be observed by the market, this plan is pre-arranged and not indicative of negative future performance. Specific market impact would depend on various factors.

The transactions made under Mr. McArthur's Rule 10b5-1 plan will be publicly disclosed through Form 4 filings (for changes in beneficial ownership) and potentially Form 144 filings (for proposed sales of restricted securities) with the Securities and Exchange Commission.