Summary
This 8-K filing from Tyco International Ltd. (registered as JCI in the prompt, but identified as Tyco International Ltd. in the filing) on August 17, 2010, primarily concerns a Rule 10b5-1 trading plan established by Edward D. Breen, the Chairman and CEO. The plan involves 1,828,301 shares issuable upon the exercise of option awards set to expire in 2012. This plan, executed during an open trading window, allows for the exercise of options and potential sale of shares at pre-determined times, irrespective of future material non-public information, aligning with Mr. Breen's personal financial and tax planning objectives. Investors should note that this plan is intended to facilitate an orderly liquidation of these options before their expiration, and Mr. Breen is expected to maintain stock ownership well above the company's established thresholds even after any potential sales. All transactions under this plan will be transparently reported through Form 144 and Form 4 filings with the SEC, providing ongoing visibility into Mr. Breen's stock transactions.
Key Highlights
- 1CEO Edward D. Breen has established a Rule 10b5-1 trading plan for 1,828,301 shares.
- 2The shares are tied to option awards scheduled to expire in 2012.
- 3The plan allows for the exercise of options and sale of shares at pre-determined times.
- 4It is designed for orderly liquidation of options and personal financial/tax planning.
- 5Mr. Breen will remain above minimum stock ownership thresholds.
- 6All plan transactions will be publicly reported via Form 144 and Form 4 filings.
- 7The plan becomes effective on September 13, 2010.