Valassis CEO Gives Advance Notice of Intention to Adopt 10b5-1 Plan in August, 2005
Press release from the issuing company
LIVONIA, Mich., June 6 -- Valassis, the leading company in marketing services and Connective Media, announced today that Chairman, President and CEO Alan F. Schultz intends to adopt a 10b5-1 plan on August 1, 2005, in accordance with the guidelines specified by Rule 10b5-1 under the Securities and Exchange Act of 1934.
Rule 10b5-1 permits corporate insiders of public companies, at a time when they are not in possession of material nonpublic information, to adopt predetermined plans for exercising stock options granted under the Company's stock option plan or for selling specified amounts of stock.
Under the proposed 10b5-1 plan, Mr. Schultz, as part of ongoing personal financial planning, will sell approximately 175,000 shares to be acquired through the exercise of options, which are due to expire in 2007, and sell approximately 70,000 shares of personally held Valassis common stock in monthly increments over a one year period. These options and personally held shares will represent approximately 17% of Mr. Schultz's Valassis holdings. Mr. Schultz's remaining holdings will continue to be within the Valassis Stock Ownership Guidelines.
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