These aren't usually bullish for the stock
Cirrus Logic CEO Adopts Rule 10b5-1 Trading Plan
AUSTIN, Texas--(BUSINESS WIRE)--06/01/2004--Cirrus Logic Inc. (Nasdaq:CRUS) today announced that David D. French, president and chief executive officer, has adopted a stock trading plan to sell a portion of his company stock over time as part of a strategy for asset diversification and liquidity. The stock trading plan was adopted in accordance with guidelines specified by the Securities and Exchange Commission's Rule 10b5-1 under the Securities Exchange Act of 1934. Rule 10b5-1 allows corporate officers and directors to adopt written, pre-arranged stock trading plans, pursuant to which insiders can diversify their investment portfolios.
Under Mr. French's Rule 10b5-1 plan, Mr. French may sell up to 127,206 shares over the next month. In addition, Mr. French sold approximately 64,390 shares on May 28, 2004. Mr. French plans to use a portion of the proceeds from these transactions to repay the principal and interest for a pre-Sarbanes/Oxley loan granted by Cirrus Logic to Mr. French in July 1999 in the principal amount of $750,000.
After the sale on May 28, 2004, if Mr. French completes all the planned sales of shares under his Rule 10b5-1 plan, he would still beneficially own approximately 154,400 shares. In addition, he will beneficially have vested and unvested options amounting to approximately 1,978,125 shares. The transaction on May 28, 2004, was Mr. French's first sale of Cirrus Logic stock since he joined the company in June 1998.
The transactions under this plan will commence no earlier than June 1, 2004, and will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.
Cirrus Logic Inc.
Cirrus Logic is a premier supplier of high-performance analog, mixed-signal and digital processing solutions for consumer entertainment electronics, automotive entertainment and industrial product applications. Building on its global market leadership in audio ICs and its rich mixed-signal patent portfolio, Cirrus Logic targets audio, video and precision mixed-signal applications in these growing markets. The company operates from headquarters in Austin, Texas, with offices in California, Colorado, Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.
Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.
CONTACT:Cirrus Logic Inc. David H. Allen, 512-851-4122 david.allen@cirrus.com
SOURCE: Cirrus Logic Inc. |
