Edgar Filing: LOCKHEED MARTIN CORP

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â Gooden Linda R

2. Date of Event Requiring Statement (Month/Day/Year)
01/01/2007

3. Issuer Name and Ticker or Trading Symbol
LOCKHEED MARTIN CORP [LMT]

(Last)

(First)

(Middle)

6801 ROCKLEDGE DRIVE

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Executive Vice President

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

BETHESDA,Â MDÂ 20817

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	15,000 ⁽¹⁾	D	Â
Common Stock	4,564.0432	I	Lockheed Martin Salaried Savings Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Option (Right to buy)	01/29/2005⁽²⁾	01/29/2014	Common Stock	6,667	$ 49.27	D	Â
Employee Stock Option (Right to buy)	01/31/2006⁽²⁾	01/31/2015	Common Stock	16,667	$ 57.81	D	Â
Employee Stock Option (Right to buy)	02/01/2007⁽²⁾	02/01/2016	Common Stock	18,000	$ 67.97	D	Â
Restricted Stock Units	Â ⁽³⁾	Â ⁽³⁾	Common Stock	4,300	$ 0	D	Â
Phantom Stock Units	Â ⁽⁴⁾	Â ⁽⁴⁾	Common Stock	279.6578	$ 0	I	Lockheed Martin DMICP
Phantom Stock Units	Â ⁽⁵⁾	Â ⁽⁵⁾	Common Stock	2,320.3317	$ 0	I	Lockheed Martin LTIP

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Gooden Linda R 6801 ROCKLEDGE DRIVE BETHESDA,Â MDÂ 20817	Â	Â	Â Executive Vice President	Â

Signatures

Linda R. Gooden, by David A. Dedman, Attorney-in-fact		01/10/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Restricted stock granted on March 31, 2004 under the Lockheed Martin Corporation 2003 Incentive Performance Award Plan. Shares vest one-third after 3 years from the date of the grant and the remaining two-thirds after 4 years from the date of the grant, or earlier upon certain circumstances (including, retirement upon age 65, termination after a change of control, disability, divestiture or layoff).
(2)	The options vest over three years, one-third on each of the first, second and third anniversaries of the grant date.
(3)	Each restricted stock unit ("RSU") represents a contingent right to receive one share of LMT common stock. The RSUs are subject to a one-year performance period from the date of grant, February 1, 2006. If the value of the RSUs on the date of grant exceeds the performance goal specified in the award agreement, a number of RSUs equal in value to the performance shortfall is forfeited. Subject to the performance goal, the RSUs vest on February 1, 2009, the third anniversary of the date of grant.
(4)	The information pertains to the phantom stock units acquired under the Lockheed Martin Deferred Management Incentive Plan exempt under Section 16(b) and will be settled in stock upon the reporting person's retirement or termination of service.
(5)	The information pertains to the phantom stock units acquired under the Lockheed Martin Long Term Incentive Plan exempt under Section 16(b).
Â Remarks: ExhibitÂ ListÂ -Â ExhibitÂ 24Â PowerÂ ofÂ Attorney

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