Salix Pharmaceuticals announced that certain officers and directors of the Company have adopted predetermined trading plans to exercise expiring stock options over time in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and with Salix' policies regarding stock transactions and ownership.
According to a release, 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.
The Salix officers and directors who have entered into Rule 10b5-1 stock trading plans include:
Thomas W. D'Alonzo - Director;
Carolyn J. Logan - President and Chief Executive Officer and
Adam C. Derbyshire - Executive Vice President, Finance and Administration and Chief Financial Officer.
The company said that these individuals have stock options that are scheduled to expire beginning in June 2010. The stock trading plans have been established to insure that these individuals have the ability to exercise their options and sell shares to cover taxes and/or diversify their portfolios in an orderly and timely fashion prior to the expiration of their options. After the sales contemplated, all these parties expect to remain well above the Company's applicable minimum stock retention requirements.
Transactions under the plans will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. The Form 4 filings also will be accessible in the "Financial and Investors - Financial Reports" section of Salix' website by clicking on the link "For SEC Filings - Section 16 Reports Please Visit Here."
Salix Pharmaceuticals develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases.
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