Menomonee Falls-based Actuant Corp. today announced that chief executive officer (CEO) Robert Arzbaecher has adopted a pre-arranged plan to sell some of his stock in the company as his resignation goes into effect.
Arzbaecher recently announced he will retire in January 2014. He has adopted a plan in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934 and the Company’s policies with respect to insider sales.
Rule 10b5-1 allows officers and directors of public companies, at a time when they are not aware of material nonpublic information, to adopt predetermined plans for selling shares of company stock.
Pursuant to the 10b5-1 plan, Arzbaecher plans to programmatically exercise options and sell shares over a period of approximately 15 months. He will retain some of his shares. In addition, certain members of Actuant’s board, as well as other officers, may exercise options or sell shares during the existing open trading window.
The stock is being sold for personal financial planning purposes including portfolio diversification, as a large portion of these individuals’ net worth is in the form of Actuant stock.