Summary
L3Harris Technologies (LHX) filed an 8-K on August 3, 2022, disclosing that CEO Christopher E. Kubasik has established a Rule 10b5-1 trading plan. This plan allows for the exercise of certain employee stock options and the subsequent sale of up to 66,258 shares of common stock. The primary purpose of this plan is for personal asset diversification and financial, estate, and tax planning. The plan was established during an open trading window and without possession of material non-public information, ensuring compliance with SEC regulations. The sales under the plan are scheduled to commence in October 2022 and conclude by March 15, 2023, subject to predetermined minimum price thresholds. Notably, Mr. Kubasik will not have any discretion over the timing or execution of these sales, which is a key characteristic of Rule 10b5-1 plans designed to prevent insider trading concerns. The company will publicly report these transactions via Form 4 and Form 144 filings.
Key Highlights
- 1CEO Christopher E. Kubasik has adopted a pre-arranged stock trading plan under Rule 10b5-1.
- 2The plan involves exercising vested stock options and selling up to 66,258 shares of common stock.
- 3The primary motivations for the plan are asset diversification and personal financial, estate, and tax planning.
- 4The plan was established during an open trading window and while the CEO was not in possession of material non-public information.
- 5Sales under the plan will occur between October 2022 and March 15, 2023, subject to minimum price thresholds.
- 6The CEO will have no discretion over the sales once the plan is in effect.
- 7Transactions will be publicly disclosed through SEC filings (Form 4 and Form 144).