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Webber, Phillips-Van CEO opts for personal trading plan

30 Aug '05

2 min read

World's largest apparel companies Phillips-Van Heusen Corporation announced that Mark Weber, Chief Executive Officer, would be entering into a personal trading plan in accordance with Securities and Exchange Commission Rule 10b5-1.

Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended, permits officers and directors of public companies to adopt pre-arranged sales plans to buy or sell shares of their company's publicly-traded stock at future dates, regardless of any material non-public information they may receive after adopting a plan. Once a 10b5-1 plan is established, the director or officer no longer has any discretion regarding the purchases or sales of the stock subject to the plan. A 10b5-1 plan may only be entered into at a time when the director or officer is not in possession of any material non-public information.

Weber's plan is being established as part of a strategy to reduce the concentration of his assets in PVH stock and to diversify his investment portfolio for personal financial and estate planning purposes. This will be the first time in over a decade that Weber, who has worked for the Company for over 33 years, has sold a significant number of shares of Company stock. All of Weber's trades will be publicly reported on Forms 144 and Forms 4 filed with the SEC.

The Forms 4 will also be available on the Company's website. The plan will terminate no later than August 31, 2006. In connection with the recently completed secondary offering of PVH common stock, Weber, along with the Company's other executive officers, agreed to certain restrictions on the shares of PVH common stock owned by them. These restrictions, among other things, limit the number of shares of common stock that he may sell during the 90-day period ending October 12, 2005.

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