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 *
  Maguire Joanne M
 2. Date of Event Requiring Statement (Month/Day/Year)
07/01/2006		 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, MD 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
D
 
Common Stock 572.6953
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)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to buy) 04/17/2004(1) 04/17/2013 Common Stock 9,000 $ 45.36 D  
Employee Stock Option (Right to buy) 01/29/2005(1) 01/29/2014 Common Stock 20,000 $ 49.27 D  
Employee Stock Option (Right to buy) 01/31/2006(1) 01/31/2015 Common Stock 25,000 $ 57.81 D  
Employee Stock Option (Right to buy) 02/01/2007(1) 02/01/2016 Common Stock 18,000 $ 67.97 D  
Restricted Stock Units   (2)   (2) Common Stock 4,300 $ 0 D  
Phantom Stock Units   (3)   (3) Common Stock 7,286.4315 $ 0 I Lockheed Martin DMICP
Phantom Stock Units   (4)   (4) Common Stock 312.1518 $ 0 I Lockheed Martin Supplemental SSP

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Maguire Joanne M
6801 ROCKLEDGE DRIVE
BETHESDA, MD 20817		       Executive Vice President  

Signatures

Joanne M. Maguire, by David A. Dedman, Attorney-in-fact 07/10/2006
**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) The options vest over three years, one-third on each of the first, second and third anniversaries of the grant date.
(2) 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.
(3) 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.
(4) The information pertains to the phantom stock units acquired under the Lockheed Martin Supplemental Salaried Savings Plan exempt under Section 16(b) and will be settled upon the reporting person's retirement or termination of service.

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