Universal Technical Institute, Inc. Executives to Establish New 10b5-1 Trading Plans
Trading Plans Allow Limited, Pre-Determined Stock Trading
PHOENIX, Dec. 16 -- Universal Technical Institute, Inc. , a provider of technical education training, announced today that several members of its executive management team are establishing new plans authorizing the sale of company securities through approved, pre-determined stock trading plans. These plans shall comply with Rule 10b5-1 under the Securities Exchange Act of 1934 and will allow the executives to sell a limited portion of their UTI holdings from time to time.
The executives establishing new 10b5-1 trading plans are: Robert Hartman, chairman of the board; Kimberly McWaters, president and chief executive officer; Jennifer Haslip, chief financial officer; Roger Speer, senior vice president of operations; and David Miller, senior vice president of admissions.
Under the terms of the plans, as articulated by each participant, a participant may sell between 15% and 25% of that individual's holdings. The aggregate number of shares that may be sold pursuant to these plans is less than 600,000 shares. The UTI executives are adopting the plans to gradually diversify their respective holdings in an orderly fashion.
"Certain members of management are adopting new pre-arranged stock trading plans to sell a portion of their company stock over time, as part of their individual long-term strategies for asset diversification, estate planning and liquidity. Overall, each participant will still retain a significant portion of their interest in UTI, reflecting confidence in the prospects of the company," said Robert Hartman, chairman of the board.
Rule 10b5-1 plans permit directors and corporate officers to adopt written, pre-arranged stock trading plans when they are not in possession of material nonpublic information. In addition to asset diversification, such plans aim to reduce market impact and alleviate concerns about whether the corporate officers were in possession of material, non-public information at the time of their sales.
About Universal Technical Institute
Universal Technical Institute, Inc. is a provider of technical education training for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians. The company offers undergraduate degree, diploma and certificate programs at eight campuses across the United States, and manufacturer-sponsored advanced programs at 22 dedicated training centers. Through its campus-based school system, Universal Technical Institute, Inc. offers specialized technical education programs under the banner of several well-known brands, including Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) and NASCAR Technical Institute (NTI). For more information, visit www.uticorp.com.