Form 4: L3Harris Technologies Director Robert B. Millard Reports Acquisition of Common Stock

Director Robert B. Millard reports acquiring additional common stock and phantom stock units in L3Harris Technologies through a deferred compensation plan and dividend credits.

Summary

• Robert B. Millard, a director of L3Harris Technologies, reported changes in beneficial ownership of the company's securities on July 1, 2024.
• Millard acquired 225.27 shares of common stock at a price of $221.96.
• These shares were acquired through a credit of phantom stock units under the L3Harris Technologies, Inc. 2019 Non-Employee Director Deferred Compensation Plan.
• Millard also acquired 42.73 phantom stock units through dividend credits under the Plan since the last report.
• Following the transaction, Millard directly owns 8,881.39 shares of common stock.
• Millard also indirectly owns 209,428 shares through a grantor retained annuity trust and 14,943 shares through a family trust.
• The phantom stock units are subject to settlement solely in shares of L3Harris Technologies common stock upon Millard's separation from service with the Issuer.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing related to director compensation and stock ownership. The director's continued investment is a mildly positive signal.

Positives

• The director's participation in the deferred compensation plan and reinvestment of dividends signals confidence in the company's future performance.

Future Outlook

The document does not contain specific forward-looking statements, but the acquisition of phantom stock units tied to separation from service suggests a long-term alignment with the company's success.

Industry Context

Insider transactions are closely watched by investors as they can provide insights into management's perspective on the company's valuation and future prospects. This transaction reflects a director's continued investment in the company.

Comparison to Industry Standards

• Director compensation plans involving deferred stock units are common among publicly traded companies, including peers like Lockheed Martin (LMT) and Northrop Grumman (NOC).
• These plans are designed to align the interests of directors with those of long-term shareholders.
• The specific terms of L3Harris's plan, such as the vesting schedule and settlement terms, would need to be compared to those of its peers to assess its relative attractiveness and effectiveness.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it signals confidence from a director.

Key Dates