Optical Communication Products Inc. (Nasdaq:OCPI), a manufacturer of fiber optic subsystems and modules for metropolitan area networks and high-speed premises networks, announced that Muoi Van Tran, the company's chairman, president and chief executive officer, Mohammad Ghorbanali, the company's vice president Of Technical Operations and chief operating officer, and Susie Nemeti, the company's vice president of Finance and Administration and chief financial officer, in accordance with the company's insider trading policy and Securities and Exchange Commission Rule 10b5-1, have each established separate written plans to provide for pre-determined sales of a portion of their holdings of the company's Class A common stock over a period of one year, subject to certain price restrictions and other contingencies.
The plans set forth a predetermined amount of shares to be sold daily. In particular, Tran, Ghorbanali and Nemeti intend to sell 7,600, 5,100 and 2,200 shares of stock per day (which amounts may be increased to account for shares not sold on prior days), respectively, during the term of the plans.
Rule 10b5-1 permits an implementation of a written plan for stock selling at times when insiders are not in possession of material non-public information and allows them to sell shares on a regular basis, regardless of any subsequent material non-public information they receive or the price of the stock at the time of the sale.
The officers indicated that they adopted the plans in order to gradually diversify their investment portfolio, minimize the market effect of such sales by spreading them over a more extended period of time than the traditional trading "window" and avoid concerns about initiating stock transactions while in possession of material non-public information.
The maximum number of shares that may be sold under the plans represent approximatelyI10 percent of each officer's current holdings of the company's Class A common stock and options to purchase Class A common stock.
About OCP:
OCP designs, manufactures and sells high-performance fiber optic subsystems and modules for metropolitan area networks and high-speed premises networks. For more information, visit www.ocp-inc.com.