Volcom Chairman and Executives Adopt Stock Trading Plans
02 Maggio 2006 - 2:52AM
Business Wire
Volcom, Inc. (NASDAQ:VLCM) today announced that its Chairman Rene
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. Rene Woolcott and Richard Woolcott currently hold
3,196,788 and 3,930,932 shares of the company's common stock,
respectively, or 13.2% and 16.2% of the company's total outstanding
common stock. Rene Woolcott may sell up to 480,000 shares from May
2006 through April 2007, 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, and Richard Woolcott may sell up to
240,000 shares from August 2006 through July 2007, with no more
than 20,000 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, Rene
Woolcott and Richard Woolcott will remain the beneficial owners of
over 11% and 15%, 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 199,324 shares of the company's
common stock or common stock underlying options from August 2006
through July 2007 include the following: -0- *T Maximum Number of
Shares to be Sold Name Position Under Plan Douglas P. Collier Chief
Financial Officer 114,324 Troy C. Eckert Vice President of
Marketing 60,000 Tom D. Ruiz Vice President of Sales 25,000 *T 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
www.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 www.volcom.com.
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