True Religion CEO disposes of 2,300,000 shares of common stock
09 Jun '07
2 min read
True Religion Apparel Inc said that Chairman and Chief Executive Officer Jeffrey Lubell disposed of 2,300,000 shares of True Religion Apparel common stock on June 7, 2007.
Mr. Lubell and his former wife, Kymberly Gold-Lubell, recently restructured their collective holdings of equity interests in True Religion, including common stock, restricted stock and stock options. In connection with their marital dissolution agreement, Mr. Lubell received control of these securities and, in order to satisfy obligations under the agreement to Gold-Lubell and their joint obligations, Mr. Lubell sold 2,300,000 shares on June 7, 2007, in a private placement transaction under Rule 144.
Following this transaction, Mr. Lubell retains beneficial ownership of 6,421,066 shares of company stock, including 5,242,315 shares of common stock, 178,751 shares of restricted stock which are subject to a right of forfeiture, and 1,000,000 options to purchase shares of company common stock, of which 166,667 are expected to be exercised before they expire on June 14, 2007.
In total, Mr. Lubell's ownership is now approximately 22.4 percent of the company's outstanding shares, which amounted to 23.4 million at May 9, 2007, and Mr. Lubell remains the company's largest single stockholder.
The company will file a Form 4 with the Securities and Exchange Commission in connection with this transaction.
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