(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 and 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 its Rule 10b5-1 Plan, the Trust may sell up to 700,000 shares over a period of approximately nine months. If the Trust completes all the planned sales under its Rule 10b5-1 Plan, Mr. Conver would beneficially own approximately 2,451,822 shares of AeroVironment common stock (including all options currently exercisable by Mr. Conver), or approximately 11.39% of the company’s current outstanding shares. The transactions under this plan will commence no earlier than December 2012 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. Agencies of the U.S. Department of Defense and allied military services use the company’s electric-powered,
hand-launched unmanned aircraft systems
extensively to provide situational awareness to tactical operating units through real-time, airborne reconnaissance, surveillance and communication. 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
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