Contact Information: Contact: Ms. Milton Gray Draper Director of Investor Relations 650-589-9445 x 3027 mdraper@core-mark.com
Core-Mark Announces Rule 10b5-1 Stock Trading Plans for CEO
| Source: Core-Mark Holding Company, Inc.
SOUTH SAN FRANCISCO, CA--(Marketwire - September 3, 2009) - Core-Mark Holding Company, Inc.
(NASDAQ : CORE ), one of the leading wholesale distributors to the
convenience retail industry in North America, announced that J. Michael
Walsh, the Company's Chief Executive Officer, has adopted two Rule 10b5-1
trading plans.
Mr. Walsh has 100,000 options which expire in August of 2011. These
options have a strike price of $15.50 per share. The first 10b5-1 plan
calls for the sale of a portion of the shares to cover the exercise costs
and income taxes associated with these options. Barring some unforeseen
circumstance, it is Mr. Walsh's intention to hold the remaining shares
until his retirement.
In addition, Mr. Walsh has three tranches of restricted stock units (RSU)
from the 2004, 2005 and 2007 LTIPs totaling approximately 27,000 shares,
the receipt of which will become taxable to Mr. Walsh upon expiration of
the deferral period in 2010. Similarly, the second Rule 10b5-1 plan will
enable the sale of sufficient shares to cover the tax consequence of these
awards. Again it is Mr. Walsh's intention to hold the net shares from these
RSUs until his retirement.
Rule 10b5-1 allows insiders to adopt written plans for trading securities
in a non-discretionary, pre-scheduled manner in order to avoid concerns
about initiating stock transactions when the insider may be aware of
non-public information. Such plans also allow insiders to diversify their
holdings and to sell shares to cover tax obligations. Once the
transactions described above are concluded, Mr. Walsh's holdings of
Core-Mark common stock will increase.
Core-Mark
Core-Mark is one of the largest marketers of fresh and broad-line supply
solutions to the convenience retail industry in North America. Founded in
1888, Core-Mark provides distribution and logistics services as well as
marketing programs to over 24,000 retail locations in 50 U.S. states and
five Canadian provinces through 26 distribution centers, two of which
Core-Mark operates as third party logistics providers. Core-Mark services
traditional convenience retailers, grocers, drug, liquor and specialty
stores, and other stores that carry consumer packaged goods. For more
information, please visit www.core-mark.com.
Safe Harbor
The statements made in this document are forward-looking statements made
pursuant to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are based on certain
assumptions or estimates, discuss future expectations, describe future
plans and strategies, or state other forward-looking information. Our
ability to predict results or the actual effect of future plans or
strategies is inherently uncertain.
Forward-looking statements in some cases can be identified by the use of
words such as "may," "will," "should," "potential," "intend," "expect,"
"seek," "anticipate," "estimate," "believe," "could," "would," "project,"
"predict," "continue," "plan," "propose" or other similar words or
expressions. These forward-looking statements are based on the current
plans and expectations and are subject to certain risks and uncertainties
that could cause actual results to differ materially from those discussed
in such forward-looking statements. Except as provided by law, we
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.