Lockheed Martin (LMT) director granted 260.5 phantom stock units as equity
Rhea-AI Filing Summary
Lockheed Martin director David B. Burritt reported an award of 260.5044 phantom stock units under the Lockheed Martin Directors Equity Plan, which are treated as a grant/award acquisition. According to the plan, these units were acquired at $652.58 per share and vest 50% on June 30 and 50% on December 31 following the award date, with accelerated vesting in certain retirement, death, disability, or change-in-control situations. After this award, Burritt indirectly holds 14,009.6487 phantom stock units under the Directors Equity Plan and 11,179.9822 phantom stock units under the Directors Deferred Compensation Plan, which will be settled upon his retirement or termination of service.
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Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
BURRITT DAVID B
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Units | 260.5044 | $0.00 | $0.00 |
| holding | Phantom Stock Units | -- | -- | -- |
Holdings After Transaction:
Phantom Stock Units — 14,009.6487 shares (Indirect, Lockheed Martin Directors Equity Plan);
Phantom Stock Units — 11,179.9822 shares (Indirect, Lockheed Martin Directors Deferred Comp Plan)
Footnotes (3)
- F1. Phantom stock units convert to common stock on a one-for-one basis.
- F2. In accordance with the Lockheed Martin Corporation Amended and Restated Directors Equity Plan, each non-employee director received an award of phantom stock units, which award is exempt under Rule 16b-3. The phantom stock units were acquired at $652.58 per share and vest 50% on June 30 following the award date and 50% on December 31 following the award date. All unvested awards will vest in full upon retirement due to the age limitation in the bylaws, death, disability or change in control, or one-third upon failure to stand for reelection. Settlement in cash or stock (as elected by the director) will occur upon the Reporting Person's termination of service, except that non-employee directors who have satisfied our stock ownership guidelines may elect to have the payment of awards (together with any dividend equivalents thereon) made on the first business day of April following vesting of the award.
- F3. The information pertains to previously acquired phantom stock units under the Lockheed Martin Corporation Directors Deferred Compensation Plan exempt under Section 16(b) which will be settled upon the Reporting Person's retirement or termination of service.
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FAQ
What did LMT director David B. Burritt report on this Form 4?
David B. Burritt reported receiving a grant of 260.5044 phantom stock units under Lockheed Martin’s Directors Equity Plan. These units are a form of deferred compensation that track the value of common stock and will be settled in cash or stock at a later date.
At what price were David B. Burritt’s Lockheed Martin phantom stock units granted?
The phantom stock units were acquired at $652.58 per share under the Directors Equity Plan. This price is used to determine the initial award value and links the grant’s value directly to Lockheed Martin’s share price performance over time.
How do David B. Burritt’s Lockheed Martin phantom stock units vest?
The award vests 50% on June 30 and 50% on December 31 following the award date. Unvested units vest fully upon certain events such as retirement due to age limits, death, disability, change in control, or partially if he does not stand for reelection.
How many Lockheed Martin phantom stock units does David B. Burritt now hold?
Following the grant, Burritt indirectly holds 14,009.6487 phantom stock units under the Directors Equity Plan and 11,179.9822 phantom stock units under the Directors Deferred Compensation Plan, providing a deferred, stock-linked component to his director compensation.
When will David B. Burritt’s Lockheed Martin phantom stock units be settled?
Settlement generally occurs upon Burritt’s termination of service as a director. For some awards, if stock ownership guidelines are met, he may elect payment on the first business day of April after vesting, in either cash or stock, including dividend equivalents.