Ultralife Batteries Inc. (Newark, NY), a designer and manufacturer of batteries and power sources, announced that President and Chief Executive Officer John Kavazanjian has adopted a pre-arranged stock trading plan to exercise a portion of his Ultralife Batteries stock options, and sell the common stock received on exercise as part of his individual long-term strategy for asset diversification and liquidity.
The 275,000 stock options referred to under the plan have an exercise price of $5.188, and are scheduled to expire on July 12, 2005. Rule 10b5-1 allows corporate executives to establish pre-arranged plans to sell a specified number of shares of company stock in accordance with a plan schedule.
Under his Rule 10b5-1 plan, Kavazanjian will sell up to 275,000 shares over a period of approximately six months. The shares will be acquired through the exercise of employee stock options, including options that are set to expire on July 12, 2005. If Kavazanjian completes all the planned sales of shares under his Rule 10b5-1 plan, he would continue to own approximately 80,000 shares representing approximately 0.6% of Ultralife Batteries outstanding stock.
