Home / Knowledge / News / Apparel/Garments / True Religion Chairman completes sale of common shares
True Religion Chairman completes sale of common shares
14
May '08
True Religion Apparel Inc announced that Chairman and Chief Executive Officer Jeffrey Lubell sold 3.2 million shares of True Religion Apparel common stock on May 13, 2008.

Mr. Lubell sold these shares for two purposes: first, to fulfill an obligation due under the marital dissolution agreement with his former wife; and second, to continue his financial, estate and tax planning.

In May 2007, Mr. Lubell and his former wife restructured their collective holdings of equity interests in True Religion Apparel, including common stock, restricted stock and stock options. At that time, Mr. Lubell received control of these securities. In order to satisfy his obligations under the marital dissolution, Mr. Lubell sold shares of True Religion Apparel common stock on June 7, 2007 and May 13, 2008. With the completion of this sale, Mr. Lubell has no further payments due to his former wife related to the restructuring of their collective holdings of equity interests in True Religion Apparel.

Following this transaction, Mr. Lubell retains beneficial ownership of 3,012,657 shares of True Religion Apparel common stock, including 2,557,664 shares of Company common stock, 64,993 shares of restricted stock which are subject to a right of forfeiture, 190,000 shares of restricted stock which may be earned if certain performance criteria are achieved and which are subject to a right of forfeiture, and 200,000 options to purchase shares of Company common stock. Following this transaction, Mr. Lubell's ownership is approximately 12.3 percent of the Company's diluted outstanding shares.

In September 2007, Mr. Lubell entered into a pre-arranged stock sales plan (the "Plan") under which a broker not affiliated with the Company could sell up to 2,300,000 shares of Company common stock over a six month period starting on October 17, 2007. The Plan expired pursuant to its terms, and no stock sales were completed under the Plan.

Mr. Lubell will file a Form 4 with the Securities and Exchange Commission in connection with this transaction.

True Religion Apparel Inc

Must ReadView All

Courtesy: Pan Brothers

Apparel/Garments | On 30th May 2017

Pan Brothers to set up 2 new garment factories

PT Pan Brothers Tbk plans to increase its production capacity by...

Textiles | On 30th May 2017

ExxonMobil, SABIC sign deal for next phase of US project

Affiliates of Exxon Mobil Corporation and Saudi Basic Industries...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search