Summary
This 8-K filing from L3Harris Technologies (LHX) on May 11, 2021, primarily reports on a pre-arranged stock trading plan established by CEO William M. Brown. The plan, designed for asset diversification and financial planning, allows for the sale of up to 91,059 shares of common stock, commencing in June 2021. This plan complies with Rule 10b5-1, ensuring trades are executed without the CEO possessing material non-public information and without his subsequent discretion, providing a structured approach to portfolio management. The establishment of this plan is intended to allow Mr. Brown to diversify his holdings over time, while maintaining significant ownership in the company well above established guidelines. All transactions under this plan will be publicly disclosed through SEC filings like Form 4 and Form 144. L3Harris has clarified that it will not provide further public reporting on this or other potential Rule 10b5-1 plans for its executives.
Key Highlights
- 1CEO William M. Brown has established a pre-arranged stock trading plan for up to 91,059 shares of L3Harris common stock.
- 2The plan is designed for asset diversification and financial planning purposes, complying with Rule 10b5-1.
- 3Sales are scheduled to begin in June 2021 and will be subject to a minimum price threshold and daily sale limits.
- 4Mr. Brown will have no control over the trades once the plan is established, ensuring compliance with insider trading regulations.
- 5Even after executing the plan, Mr. Brown's ownership will remain substantially above the company's stock ownership guidelines.
- 6All transactions under the plan will be publicly disclosed via Form 4 and Form 144 filings.
- 7L3Harris will not provide ongoing public updates on this or other executive Rule 10b5-1 plans.