Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 *
KUBASIK CHRISTOPHER E
   2. Issuer Name and Ticker or Trading Symbol
LOCKHEED MARTIN CORP [LMT] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)
6801 ROCKLEDGE DRIVE		 3. Date of Earliest Transaction (Month/Day/Year)
08/12/2008
(Street)

BETHESDA, MD 20817		 4. If Amendment, Date Original Filed(Month/Day/Year)
 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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/12/2008   M   40,000 A $ 49.27 64,629 D  
Common Stock 08/12/2008   S   37,000 D $ 112.7527 (1) 27,629 (2) D  
Common Stock 08/12/2008   I(3)   1,102.16 D $ 114.39 0 I Lockheed Martin Salaried Savings Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to Buy) $ 49.27 08/12/2008   M     40,000   (4) 01/29/2014 Common Stock 40,000 $ 0 0 D  
Phantom Stock Units (5) 08/12/2008   I     1,973.91   (6)   (6) Common Stock 1,973.91 $ 0 (6) 0 I Lockheed Martin Supplemental Savings Plan
Phantom Stock Units (5)               (7)   (7) Common Stock 14,799.1372   14,799.1372 I Lockheed Martin DMICP
Phantom Stock Units (5)               (8)   (8) Common Stock 19,533.8194   19,533.8194 I Lockheed Martin LTIP

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
KUBASIK CHRISTOPHER E
6801 ROCKLEDGE DRIVE
BETHESDA, MD 20817		       Executive Vice President  

Signatures

 Christopher E. Kubasik, by Marian S. Block, Attorney-in-Fact   08/14/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) The price represents the weighted average sale price for multiple transactions reported on this line. Sale prices ranged from $112.50 to $112.95. Reporting Person will provide, upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sales price.
(2) The Reporting Person increased the amount of securities owned by 3,000 shares in connection with option exercise.
(3) The Reporting Person effected an intra-plan transfer of funds held in the company stock fund to another investment option under the Lockheed Martin Salaried Savings Plan. The transaction was a discretionary transaction exempt under Rule 16b-3(f). The transfer resulted in a disposition of 1102.16 shares (represents number of shares sold in a unitized fund holding company stock).
(4) The options vested over three years, one-third on each of the first, second and third anniversaries of the grant date, beginning on January 29, 2005.
(5) The phantom stock units convert on a 1 for 1 basis.
(6) The Reporting Person effected an intra-plan transfer of funds held in the company stock fund to another investment option under the Lockheed Martin Supplemental Savings Plan. The transaction was a discretionary transaction exempt under Rule 16b-3(f). The transfer resulted in a disposition of 1973.91 shares (represents number of shares sold in a unitized fund holding company stock) at $114.39 per share.
(7) End of period holdings of phantom stock units acquired under the Lockheed Martin Deferred Management Incentive Compensation Plan exempt under Section 16(b) and will be settled in stock upon the Reporting Person's retirement or termination of service.
(8) End of period holdings of phantom stock units acquired under a Lockheed Martin Long Term Incentive Performance Award exempt under Section 16(b) and will be settled in cash after two years subject to continued employment, unless voluntarily deferred.

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