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Xerium Technologies adopts personal stock trading plan

23 Sep '06

2 min read

Xerium Technologies Inc, a leading global manufacturer of clothing and roll covers used primarily in the paper production process, announced that a trust of the wife of Thomas Gutierrez, Xerium Technologies' chief executive officer and president, adopted a personal stock trading plan in August, 2006, pursuant to, and intended to comply with, Rule 10b5-1 under the Securities Exchange Act of 1934.

Rule 10b5-1 provides for the adoption of predetermined plans for selling specified amounts of stock by persons such as directors and officers of public companies and their families.

The plans may be entered into only when the person adopting the plan is not in possession of material, nonpublic information.

Once the plan is established, trades may be executed at times when the person adopting the plan is in possession of material nonpublic information, based on the application of a formula determined at the time the plan was entered.

Under the plan adopted by the trust, the trust plans to sell up to 100,000 shares of Xerium common stock during the period from September 14, 2006 to December 31, 2008, subject to the price of Xerium common stock reaching a specified level.

As of August 31, 2006, Gutierrez owns 347,326 shares of Xerium common stock, including shares held by the trust and his wife, but not including additional shares subject to unvested time-based and performance-based restricted stock unit awards.

Xerium Technologies Inc

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