What is the main purpose of the bylaw amendments detailed in this 8-K?

The main purpose of the bylaw amendments is to change the deadlines and information required for stockholders to submit director nominations or proposals for annual meetings. These changes aim to align Lockheed Martin's internal procedures with SEC proxy rules and increase transparency by requiring more detailed disclosures from submitting shareholders.

How do these bylaw changes affect the timeline for stockholders who want to nominate a director or submit a proposal?

The advance notice deadline for both director nominations and stockholder proposals has been moved up by 30 days. For the 2010 annual meeting, the deadline for submissions is November 13, 2009, to be included in the proxy statement or brought before the meeting under the bylaws.

What kind of additional information do stockholders need to provide now when submitting a nomination or proposal?

Stockholders must now provide more comprehensive information. For director nominations, this includes detailed personal information about the nominee, their stock ownership, and information required by SEC proxy rules for election contests. For proposals, it includes a description of the business, the reasons for proposing it, and any material interest of the stockholder or associated persons. Additionally, detailed information about agreements, arrangements, or economic interests that could manage risk or influence voting power is now required for both nominations and proposals.

Are there any exceptions or special conditions for submitting nominations or proposals?

Yes, the bylaws include provisions for situations where the annual meeting date is advanced or delayed by more than thirty days. In such cases, the deadlines are adjusted based on the public announcement of the new meeting date. There are also specific rules for timely notice if the number of directors to be elected is increased shortly before the meeting.

LMT 8-K: Corporate Changes

Summary

This 8-K filing from Lockheed Martin Corporation (LMT) on September 24, 2009, primarily details amendments to the company's bylaws concerning the timing and content of stockholder nominations for directors and stockholder proposals. The amendments aim to align the company's advance notice deadlines with SEC proxy rules and enhance transparency by requiring more comprehensive information from stockholders submitting proposals or nominations. These changes are significant for investors as they alter the procedures and deadlines for engaging with the company at annual meetings. Specifically, the advance notice deadline for both director nominations and stockholder proposals has been moved up by 30 days. Furthermore, the disclosure requirements for those submitting nominations or proposals have been expanded to include detailed information about the nominee or proposal, as well as any arrangements or interests the stockholder or associated persons may have in the company. These amendments are designed to provide the company with more time to review submissions and prepare its proxy statements, while also increasing the amount of disclosed information to other shareholders.

Key Highlights

1Lockheed Martin's Board of Directors amended the company's bylaws on September 24, 2009.
2The amendments change the advance notice deadline for stockholder nominations of directors and stockholder proposals at annual meetings, moving it 30 days earlier.
3The new deadline is now consistent with the SEC's proxy rules for submitting proposals for inclusion in the proxy statement.
4The bylaws were updated to require expanded disclosure from stockholders regarding director nominations and proposals.
5Required disclosures include detailed information on nominees, business proposals, and any associated agreements, arrangements, or economic interests.
6These changes impact the timeline and information required for shareholders wishing to nominate directors or submit proposals for future annual meetings.
7The filing also provides specific deadlines for the 2010 annual meeting based on the amended bylaws and SEC rules.

LOCKHEED MARTIN CORP 8-K Report, Bylaw Amendment (Sep 24, 2009)

Summary

Key Highlights

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