This excerpt taken from the ANGN 8-K filed Apr 3, 2007.
Item 8.01 Other Events.
On March 30, 2007 Rodney A. Young, the Companys President and Chief Executive Officer established a stock trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. Pursuant to the plan, as many as 82,250 shares may be issued upon the exercise of options and sold. Transactions effected under the plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission, as appropriate.
Rule 10b5-1 allows an insider to enter into a written, prearranged stock trading plan at a time when the insider is not in possession of material, non-public information. Under these plans, insiders can gradually diversify their investment portfolios, reduce any significant market impact by spreading stock trades out over an extended period of time, and avoid concerns as to whether the insiders were in possession of material, non-public information when the stock was sold. Mr Youngs plan, which will become effective on April 3, 2007, is intended to comply with Rule 10b5-1 and is in compliance with the Companys insider trading policy. All sales will be in the open market at prevailing market prices, subject to the terms of the plan. This plan will terminate on November 1, 2007.
The purpose of the trading plan is to enable Mr. Young to gradually diversify a portion of his portfolio to satisfy financial planning objectives in an orderly manner, while avoiding concerns about transactions occurring at a time when he might possess material non-public information regarding the Company. In addition to the shares covered by the trading plan, Mr. Young retains ownership of 57,000 exercisable stock options to purchase common stock, and owns an additional 11,402 shares directly. Mr. Young also intends to exercise additional stock options and hold those shares in 2007.
In addition, Angeion anticipates that Mr. Dale H. Johnson, the Company Chief Financial Officer, and one or more of the Companys directors may also enter in written 10b5-1 plans under which they may exercise stock options and sell shares in the current fiscal year, as well as exercise options and hold additional shares.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.