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Jacuzzi Brands, Inc. (NYSE:JJZ), a maker of bathing and plumbing products, announced that David H. Clarke, chairman and CEO, and an entity controlled by Mr. Clarke's family, plan to complete a previously announced series of transactions in JJZ's common stock for tax planning purposes that, once consummated, will leave their holdings in JJZ unchanged.
As reported by the company on May 13, 2003, Mr. Clarke and the entity purchased, in aggregate, 150,000 additional shares of JJZ common stock. Mr. Clarke and the entity then entered into trading plans complying with Rule 10b5-1 under the Securities Exchange Act in order to sell in compliance with Rule 10b5 of that act the same number of shares from their earlier holdings in JJZ at market prices. The planned sale of the 150,000 shares covering their earlier holdings in JJZ will be completed prior to the end of 2003.
Under Rule 10b5-1, directors and officers of a company may adopt written plans for trading securities in a non-discretionary, pre-planned manner under specified conditions and times if the person has no material non-public information about the company.
Subsequent to the completion of this planned sale, and as disclosed in the proxy statement dated May 7, 2003, Mr. Clarke will own 2,441,297 shares of JJZ common stock (including options).
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