This excerpt taken from the WTSLA 8-K filed Aug 31, 2009.
Item 8.01. Other Events.
Edmond S. Thomas, President and Chief Executive Officer of The Wet Seal, Inc. (the Company), entered into a pre-arranged stock trading plan to sell a limited amount of his shares of the Companys Class A common stock (the Class A common stock) for personal financial management purposes, both designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Companys insider trading policies regarding stock transactions (the 10b5-1 Plan).
The 10b5-1 Plan allows for the sale of a maximum of (i) 150,000 shares of the Class A common stock, associated with restricted stock awards received by Mr. Thomas, with such sales scheduled to occur on October 9, 2009 and 2010 and (ii) 450,000 shares of Class A common stock (the Performance Shares) underlying performance share awards received by Mr. Thomas, with such sales commencing within two business days following notification by the Company that the Performance Shares have vested. The 10b5-1 Plan terminates upon the sale of the respective number of shares.
Transactions made under the 10b5-1 Plan will be disclosed publicly through Form 4 filings with the Securities and Exchange Commission. Except as may be required by law, the Company does not undertake to report on specific Rule 10b5-1 pre-planned stock trading plans of Company officers, nor to report modifications or terminations of the aforementioned 10b5-1 Plan or the plan of any other individual.
The information in this Current Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless such subsequent filing specifically references this Current Report.
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.