Mellanox® Technologies, Ltd. (NASDAQ: MLNX)(TASE: MLNX), a leading supplier of high-performance, end-to-end interconnect solutions for data center servers and storage systems, today announced that Eyal Waldman, chairman, president and CEO, and Michael Gray, chief financial officer, have each adopted a stock trading plan to sell a portion of their ordinary shares of the company in an orderly manner. Each plan adopted is in accordance with the guidelines specified by Rule 10b5-1 under the Securities and Exchange Act of 1934.
Rule 10b5-1 permits corporate officers, directors and others to adopt written, pre-arranged stock trading plans when they are not in possession of material, non-public information. Using these plans, insiders may gradually diversify their investment portfolios and spread stock trades over a period of time regardless of any material, non-public information they may receive after adopting their plans. In accordance with 10b5-1 rules, Mr. Waldman and Mr. Gray will have no discretion over sales under their respective plans.
Under Mr. Waldman’s plan, Waldo 2 Holdings, a general partnership of which Mr. Waldman is a general partner, may sell up to 169,123 shares for the benefit of Mr. Waldman subject to satisfaction of certain conditions. If the conditions are met, sales under the plan may commence in January 2013 and would be completed by December 2013. The sales by Mr. Waldman under his plan are intended to diversify his securities holdings and to help meet estate planning goals. All transactions under the plan will be disclosed through Form 144 and Form 4 filings with the Securities and Exchange Commission as required by applicable securities laws.
Under his plan, Mr. Gray may sell up to 55,510 shares, subject to satisfaction of certain conditions. If the conditions are met, sales under the plan may commence in December 2012 and would be completed by March 2013. The sales by Mr. Gray under his plan are intended to diversify his securities holdings and to help meet estate planning goals.