This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Imax's Gelfond, Wechsler adopt stock trading plans 2009-11-16 16:51 ET - News Release Mr. Bradley Wechsler reports IMAX CORPORATION EXECUTIVES ADOPT 10B5-1 TRADING PLANS Imax Corp.'s chief executive officer, Richard L. Gelfond, and its chairman, Bradley J. Wechsler, have adopted stock trading plans, in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Rule 10b5-1 permits officers and directors of public companies to adopt predetermined plans for buying and selling specified amounts of stock, if the plan is adopted at a time when the purchaser or seller is not aware of any material non-public information.
Under Mr. Gelfond's 10b5-1 trading plan, he will be able to sell up to 720,000 shares in equal monthly instalments over a 12-month period. The plan includes escalating minimum prices relating to the sale of shares over the course of the plan. Under Mr. Wechsler's plan, he will be able to sell up to 900,000 shares, in equal monthly instalments over a 10-month period. If all 1.62 million shares were to be sold throughout the duration of the plans, Mr. Gelfond and Mr. Wechsler would continue to own approximately 65 per cent of their combined share ownership in the company. In addition, Mr. Gelfond and Mr. Wechsler have put in place a plan to exercise approximately half of their stock appreciation rights at predetermined times and amounts over the duration of their 10b5-1 plans, which is designed to reduce the impact of these awards on the company's financial results.
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