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| NUVA > SEC Filings for NUVA > Form 8-K on 23-Sep-2008 | All Recent SEC Filings |
23-Sep-2008
Other Events
Between September 9, 2008 and September 12, 2008, each of the following
individuals, each a named executive officer of NuVasive, Inc. ("NuVasive"),
adopted a stock trading plan for trading in NuVasive's common stock, currently
held or issuable upon the exercise of stock options, in accordance with the
guidelines specified by the Securities and Exchange Commission's Rule 10b5-1
under the Securities Exchange Act of 1934: Keith Valentine, NuVasive's President
and Chief Operating Officer; Kevin C. O'Boyle, NuVasive's Executive Vice
President and Chief Financial Officer; and Jeff Rydin, NuVasive's Senior Vice
President of U.S. Sales. Each of these individuals will file Forms 4 evidencing
sales under their stock trading plan as required under Section 16 of the
Securities Exchange Act of 1934. This type of trading plan allows a corporate
insider to gradually diversify holdings of company stock while minimizing any
market effects of such trades by spreading them out over an extended period of
time and eliminating any market concern that such trades were made by a person
while in possession of material nonpublic information. Consistent with
Rule 10b5-1, NuVasive's insider trading policy permits personnel to implement
Rule 10b5-1 trading plans provided that, among other things, such personnel are
not in possession of any material nonpublic information at the time they adopt
such plans.
Pursuant to the stock trading plan adopted by Mr. Valentine, commencing in
December 2008, he will sell 5,000 shares each month if the stock is above a
prearranged minimum price, and may sell up to 10,000 shares each month based on
increasing price levels. Pursuant to the stock trading plan adopted by
Mr. O'Boyle, commencing in December 2008, he will sell 6,000 shares each month
if the stock is above a prearranged minimum price. Pursuant to the stock trading
plan adopted by Mr. Rydin, commencing in December 2008, he will sell 3,000
shares each month if the stock is above a prearranged minimum price, and may
sell up to 6,000 shares each month based on increasing price levels.
Under each of these plans, the plan's agent will undertake to sell specified
numbers of shares each month if the stock trades above the prearranged minimum
prices. The individual stockholder will have no control over the timing of any
sales under the plan and there is no assurance that any shares will be sold.
Sales under each of these plans will take effect in December 2008 upon the
expiration of their existing Rule 10b5-1 trading plans, and will continue for
one year.
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