Volcom Chairman And Executives Adopt Stock Trading Plans - Costa Mesa, Ca – Volcom, Inc. announced that its Chairman René R. Woolcott, President and Chief Executive Officer Richard R. Woolcott, and certain other executive officers have adopted separate
Volcom Chairman And Executives Adopt Stock Trading Plans
Costa Mesa, Ca – Volcom, Inc. announced that its Chairman René R. Woolcott, President and Chief Executive Officer Richard R. Woolcott, and certain other executive officers have adopted separate pre-arranged stock trading plans under Rule 10b5-1 of the Securities and Exchange Act of 1934. The plans have been entered into for the purposes of financial planning and asset diversification. René Woolcott and Richard Woolcott currently hold 2,119,992 and 3,542,566 shares of the company’s common stock, respectively, or 8.7% and 14.5%, respectively, of the company’s total outstanding common stock. René Woolcott and Richard Woolcott’s current 10b5-1 plans for sales through April 2008 and July 2008, respectively, are expected to expire pursuant to their terms.
René Woolcott may sell up to 600,000 shares from May 2008 through April 2009, with no more than 50,000 shares sold in any one calendar month, except for certain carry-forwards if shares are not sold in prior months, and Richard Woolcott may sell up to 480,000 shares from August 2008 through July 2009, with no more than 40,000 shares sold in any one calendar month, except for certain carry-forwards if shares are not sold in prior months. If the full amount of shares is sold pursuant to the plans, no shares are sold outside of the plans and not including any sales under their current 10b5-1 plans, René Woolcott and Richard Woolcott will remain the beneficial owners of over 6.2% and 12.6%, respectively, of the company’s common stock based on the number of shares currently outstanding. Sales of the shares under both of the plans will be subject to pre-determined minimum price terms.
Other executives that entered into stock trading plans to sell up to an aggregate of 167,000 shares of the company’s common stock or common stock underlying options include the following:
|
Name |
Position |
Maximum Number of Shares to be Sold Under Plan |
|
Douglas P. Collier |
Chief Financial Officer |
96,000 |
|
Troy C. Eckert |
Vice President of Marketing |
36,000 |
|
Tom D. Ruiz |
Vice President of Sales |
35,000 |
All of the stock trading plans were adopted in accordance with SEC guidelines. Rule 10b5-1 allows corporate insiders to adopt written, pre-arranged stock trading plans to buy or sell a specified number of shares of company stock. Insiders may adopt such plans when they are not in possession of material, inside information in order to gradually change their investment portfolio to minimize any market effect of stock sales or purchases by spreading them out over an extended period of time, and to avoid concerns about initiating stock transactions while in possession of material, non-public information.
Transactions under these plans will be disclosed publicly through Form 144 and Form 4 filings with the U.S. Securities and Exchange Commission. The Form 4 filings will also be posted on the company’s investor relations Web site at volcom.com/investorrelations.
About Volcom, Inc.
Volcom is an innovative designer, marketer and distributor of premium quality young mens and womens clothing, accessories and related products. The Volcom brand, symbolized by The Stone , is athlete-driven, creative and forward thinking. Volcom has consistently followed its motto of “youth against establishment,” and the brand is inspired by the energy of youth culture. Volcom branded products are sold throughout the United States and internationally. Volcom’s news announcements and SEC filings are available through the company’s website at volcom.com.
Tuesday, February 26th 2008 @ 10:14 AM.
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