Volcom Chairman & Executives approve stock trading plans

02 May '06

2 min read

Costa Mesa based premium quality clothing designing firm Volcom Inc announced that its Chairman Rene R. Woolcott, President and Chief Executive Officer Richard R. Woolcott, and certain other executive officers have adopted separate pre-arranged stock trading plans under Rule 10b5-1 of the Securities and Exchange Act of 1934.

The plans have been entered into for the purposes of financial planning and asset diversification. Rene Woolcott and Richard Woolcott currently hold 3,196,788 and 3,930,932 shares of the company's common stock, respectively, or 13.2 percent and 16.2 percent of the company's total outstanding common stock.

Rene Woolcott may sell up to 480,000 shares from May 2006 through April 2007, with no more than 40,000 shares sold in any one calendar month, except for certain carry-forwards if shares are not sold in prior months;

And Richard Woolcott may sell up to 240,000 shares from August 2006 through July 2007, with no more than 20,000 shares sold in any one calendar month, except for certain carry-forwards if shares are not sold in prior months.

If the full amount of shares is sold pursuant to the plans, Rene Woolcott and Richard Woolcott will remain the beneficial owners of over 11 percent and 15 percent, respectively, of the company's common stock based on the number of shares currently outstanding.

Sales of the shares under both of the plans will be subject to pre-determined minimum price terms.

Other executives that entered into stock trading plans to sell up to an aggregate of 199,324 shares of the company's common stock or common stock underlying options from August 2006 through July 2007 include the following:

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