Small appliance company Jarden Corporation announced that Martin E. Franklin, chairman and CEO; Ian G.H. Ashken, vice chairman and CFO; and James E. Lillie, president and COO, adopted stock trading plans in accordance with guidelines specified by the Securities and Exchange Commission's Rule 10b5-1 under the Securities Exchange Act of 1934 as part of their individual long-term strategies for asset diversification and liquidity.
In a continuation of programs started in November 2002, and following the public disclosure of the Holmes transaction and preview of second quarter operating results, Jarden's executives entered into new 10b5-1 programs for the period from July 2005 through October 2006.
According to the company, the programs are structured in substantially the same manner as their previous programs, although the typical number of shares being sold on a quarterly basis has been reduced by 33 percent from the previous program.
Mr. Franklin's plan provides for the sale of 54,000 shares each quarter, except for the initial sale, which will be 80,000 shares. Mr. Ashken's plan provides for the sale of 21,000 shares each quarter, except for the initial sale, which will be 90,000 shares. Mr. Lillie also filed his first 10b5-1 program for the period from July 2005 through October 2006, which provides for the sale of 5,000 shares each quarter, except for the initial sale, which will be 10,000 shares.
A Rule 10b5-1 plan is designed to enable an executive to avoid any real or perceived conflict of interest while diversifying holdings in connection with the trading of company securities. The plan is established at a time when the executive does not have material inside information. Once a written plan is executed, the executive does not retain or exercise any discretion over shares traded under the plan.
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