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PITTSBURGH, June 5, 2013 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) today announced that Dr. Carl Johnson, Chairman of the Board of Directors of II-VI, has adopted a pre-arranged stock trading plan in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and II-VI's policies regarding transactions in II-VI securities by affiliates.
Under the stock trading plan, Dr. Johnson will sell shares over a 13 month period representing approximately 3.5% of the total shares of II-VI common stock for which Dr. Johnson is deemed to be the beneficial owner. Dr. Johnson adopted the stock trading plan so as to allow him to reduce or eliminate shares of II-VI stock currently being pledged as security for a loan from a financial institution.
Transactions under this Rule 10b5-1 plan will be disclosed publicly through Form 4 filings as required by the Securities and Exchange Commission.
Rule 10b5-1 plans permit directors, officers and other company insiders to adopt written plans at times when they are not in possession of material, non-public information under which they can purchase or sell shares at predetermined times and price parameters in the future. These pre-planned trades can then be executed at a later date, as spelled out in the plan, without further action by the director, officer or other company insider and without regard to any subsequent non-public information the individual might have received.
About II-VI Incorporated
II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically-integrated manufacturing company that creates and markets products for a diversified customer base including industrial manufacturing, military and aerospace, high-power electronics, optical communications, and thermoelectronics applications. Headquartered in Saxonburg, Pennsylvania, with manufacturing, sales, and distribution facilities worldwide, the Company produces numerous crystalline compounds including zinc selenide for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers.