Landec Corporation (Nasdaq:LNDC), a developer and marketer of technology-based polymer products for food, agricultural and licensed partner applications, today announced that its Chairman and CEO, Gary Steele, age 62, has adopted a pre-arranged stock trading plan to sell a portion of his Landec common stock over time as part of an individual long-term strategy for asset diversification and tax planning. The stock trading plan was adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 and Landec’s policies regarding stock transactions.
Rule 10b5-1 allows corporate officers and directors to adopt written, pre-arranged stock trading plans. Using these plans, insiders can gradually diversify their investment portfolios, can spread stock trades out over an extended period of time to reduce any market impact and can avoid concerns about whether they had material, non-public information when they sold their stock.
Under Mr. Steele’s Rule 10b5-1 Plan, he may sell up to 170,859 shares of currently owned Landec common stock, representing less than 1% of Landec’s outstanding stock, subject to certain monthly sale limitations and market price thresholds set forth in the Plan. The Plan terminates once the share limit is reached or July 31, 2012, whichever is sooner.
The transactions under the Plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.Landec is a materials science company, leveraging its capability in polymer science and bio-application development in order to commercialize new products within a variety of life science fields, including food, agricultural, personal care and medical applications. With its Intelimer ® polymers, Landec is able to customize its proprietary polymer materials for each application through the manipulation of controlled release, temperature activation and biocompatibility properties. Landec’s subsidiary, Apio, has leveraged Landec’s BreatheWay ® membrane to become the leader in U.S. fresh-cut specialty vegetables. Landec Ag offers a full solution of seed coatings and enhancements that work with the latest genetic technologies to drive continuous improvements in crop yield. Landec has also commercialized dozens of personal care, industrial and adhesive products through its long-standing partner relationships. Through its subsidiary, Lifecore Biomedical, Landec is a premium supplier of hyaluronan-based biomaterials to the ophthalmic, orthopedic and veterinary markets worldwide. For more information about the Company visit Landec’s website at www.landec.com.