Actuant Executive Adopts 10b5-1 Plan
MILWAUKEE--(BUSINESS WIRE)-- Actuant Corporation (NYSE: ATU) today announced that its Chief Executive Officer (CEO), Robert C. Arzbaecher, has adopted a prearranged trading plan in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934 and the Company's policies with respect to insider sales. Rule 10b5-1 allows officers and directors of public companies, at a time when they are not aware of material nonpublic information, to adopt predetermined plans for selling shares of company stock.
Pursuant to the 10b5-1 plan, Arzbaecher plans to programmatically exercise options and sell shares over a period of approximately fifteen months. The sales are subject to certain 10b5-1 plan criteria, including time parameters, minimum price levels and daily volume activity. Arzbaecher announced his intent to retire from the CEO role effective in January 2014 and continue on as Chairman of the Board.
In addition, certain members of Actuant’s Board of Directors, as well as other officers, may exercise options or sell shares during the existing open trading window.
The stock is being sold for personal financial planning purposes including portfolio diversification as a large portion of these individuals’ net worth is in the form of Actuant stock. All will continue to be in compliance with Actuant’s stock ownership requirements.
Actuant Corporation is a diversified industrial company serving customers from operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic tools and solutions; specialized products and services for energy markets and highly engineered position and motion control systems. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Actuant trades on the NYSE under the symbol ATU. For further information on Actuant and its businesses, visit the Company's website at www.actuant.com.
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Source: Actuant Corporation
Released October 9, 2013