AeroVironment Announces Establishment of 10b5-1 Trading Plan by Chief Executive Officer
December 31 2015 - 4:30PM
Business Wire
AeroVironment, Inc. (NASDAQ:AVAV) today announced that its chief
executive officer and chairman of the board, Timothy E. Conver, as
trustee of The Conver Family Trust, has established a pre-arranged
stock trading plan to sell a portion of company stock held by the
Trust over a specific period of time. The stock trading plan is
part of a long-term strategy for asset diversification and
liquidity and was adopted in accordance with guidelines specified
under Rule 10b5-1 of the Securities Exchange Act of 1934 and
AeroVironment's policies with respect to employee stock
transactions.
Rule 10b5-1 allows corporate officers and directors to
adopt written, pre-arranged stock trading plans when they do not
have material, non-public information. Using these plans, insiders
can diversify their investment portfolios, can spread stock trades
out over an extended period of time to reduce market impact and can
avoid concerns about whether they had material, non-public
information when they sold their stock.
Under the Rule 10b5-1 Plan, the Trust may sell up to
320,000 shares over a period of approximately nine months. If the
Trust completes all the planned sales under the Rule 10b5-1
Plan, Mr. Conver would beneficially own approximately 2,139,920
shares of AeroVironment common stock (including all
options currently exercisable by Mr. Conver), or approximately
9.1 percent of the company's current outstanding shares. The
transactions under this plan will commence no earlier than March
2016 and will be disclosed publicly through Form 144 and
Form 4 filings with the Securities and Exchange
Commission. The Form 4 filings will also be posted on
AeroVironment's website.
About AeroVironment, Inc.
AeroVironment is a technology solutions provider that
designs, develops, produces, supports and operates an advanced
portfolio of Unmanned Aircraft Systems (UAS) and electric
transportation solutions. The company's electric-powered,
hand-launched unmanned aircraft systems generate and process data
to deliver powerful insight, on demand, to people and enterprises
engaged in military, public safety and commercial activities around
the world. AeroVironment's electric transportation solutions
include a comprehensive suite of electric vehicle (EV)
charging systems, installation and network services for consumers,
automakers, utilities and government agencies, power cycling
and test systems for EV developers and industrial
electric vehicle charging systems for commercial fleets. More
information about AeroVironment is available
at www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute
"forward-looking statements" as that term is defined in the Private
Securities Litigation Reform Act of 1995. These statements are made
on the basis of current expectations, forecasts and assumptions
that involve risks and uncertainties, including, but not limited
to, economic, competitive, governmental and technological factors
outside of our control, that may cause our business, strategy or
actual results to differ materially from those expressed or
implied. Factors that could cause actual results to differ
materially from the forward-looking statements include, but are not
limited to, our ability to perform under existing contracts and
obtain additional contracts; our reliance on sales to the U.S.
government; changes in the timing and/or amount of government
spending; changes in the supply and/or demand and/or prices for our
products and services; changes in the regulatory environment; the
activities of competitors; failure of the markets in which we
operate to grow; failure to expand into new markets; failure to
develop new products or integrate new technology with current
products; and general economic and business conditions in the
United States and elsewhere in the world. For a further list
and description of such risks and uncertainties, see the reports we
file with the Securities and Exchange Commission, including
our most recent Annual Report on Form 10-K and Quarterly Reports on
10-Q. We do not intend, and undertake no obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20151231005292/en/
AeroVironment, Inc.Steven Gitlin,
+1-626-357-9983ir@avinc.com
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