RBC Bearings Incorporated CEO Adopts 10b5-1 Plan

Resource from: CBCC Likes:2934

Jan 17,2007

RBC Bearings Incorporated , a leading international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, announced that Dr. Michael J. Hartnett, Chief Executive Officer, has implemented a pre-arranged trading plan in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934 and the Company's policies with respect to employee stock transactions. The plan was adopted in December 2006. Dr. Hartnett’s plan facilitated the conversion of 513,419 warrants, which were set to expire in June 2007, and 23,125 options, which were set to expire in January 2008, into common stock. These warrants and options were granted to Dr. Hartnett in 1998, and shares sold under the 10b5-1 Plan will cover related tax obligations and fees. Including unrestricted and restricted shares and stock options, Dr. Hartnett currently owns approximately 1.3 million shares, or 6.2% of diluted shares outstanding. Rule 10b5-1 allows corporate officers and directors to adopt written, pre-arranged stock trading plans when they do not have material, non-public information. Using these plans, insiders can gradually diversify their investment portfolios, can spread stock trades out over an extended period of time to reduce any market impact and can avoid concerns about whether they had material, non-public information when they sold their stock. The transactions under this plan have been and will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission

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