Chicago-based air transportation technology firm John Bean Technologies Corp (NYSE: JBT) said that Rule 10b5-1 trading plans have been established for chairman chief executive officer and president Charles H Cannon Jr and chief financial officer Ronald D Mambu as part of their personal financial planning strategies for asset diversification.
As announced on August 26, 2013, Cannon will be retiring from his roles as president and chief executive officer, while continuing to serve in the role of Executive chairman, effective September 9, 2013, and Mambu intends to retire upon the identification of his successor.
The 10b5-1 plans will cover the sale of 298,196 and 147,498 common shares of JBT Corp. under Cannon´s and Mambu´s 10b5-1 plans, respectively. The shares to be sold under Cannon´s 10b5-1 plans consist of shares held directly by Cannon and a family trust, and shares that Cannon has the right to acquire pursuant to awards previously granted to Cannon under the company´s equity compensation program.
According to JBT, the shares to be sold under Mambu´s 10b5-1 plan consist of directly held shares acquired pursuant to awards previously granted to Mambu under the company´s equity compensation program.
The maximum number of shares that may be sold under the 10b5-1 plans constitute approximately 47% of Cannon´s total holdings of JBT Corp. common stock and 65% of Mambu´s total holdings of JBT Corp common stock, including shares each has a right to acquire under awards previously granted under the company´s equity compensation program. Trading under these 10b5-1 plans will commence no sooner than November 1, 2013 and will end on June 1, 2014.
JBT said that the trading plans were established in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 and company policies regarding transactions in the company´s securities. Rule 10b5-1 permits corporate insiders to adopt prearranged written plans for selling specified amounts of stock.
Insiders may adopt such plans when they are not in possession of material non-public information. Once a plan is established, the insider retains no discretion over sales under the plan, and the pre-planned trades can be executed through a broker at later dates without regard to any subsequent material non-public information that the insider may receive. Transactions under these 10b5-1 plans will be disclosed publicly through form 4 filings as required by the SEC.
Find out more at www.jbtcorporation.com.