February 15, 2024 · Form 4 insider transaction
BURRITT DAVID B bought 401.777 shares of Lockheed Martin Corporation, a transaction worth N/A. The trade was recorded as grant or award and disclosed on an SEC Form 4, filed 5 days after the transaction.
Phantom stock units convert to common stock on a one-for-one basis.; 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 $423.12 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.