Catuity CEO Files 10b5-1 Plan.DETROIT -- Catuity Inc. (Nasdaq:CTTY CTTY Control Teletype CTTY Console Teletype )(ASX ASX See: Australian Stock Exchange :CAT)(ASX:CATN CATN Course in Advanced Trauma Nursing ), a loyalty and gift card processor, reported today that President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. John Racine has executed a 10b5-1 plan with a stock brokerage firm providing for the exercise of 45,000 options and the market sale of the shares then acquired, only when the company's share price reaches the price range from $15 to $26.25. Those price targets are significantly above recent trading prices Trading price The price at which a security is currently selling. in the Company's shares and also represent a significant increase from the Company's USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $7.50 offering price in its September 1, 2005 capital raise. Under the plan, Mr. Racine would exercise 10,000 options only when the Company's share price is at $15 or higher; 25,000 options only when the share price is at $20.625 or higher; and 10,000 options only when the share price is at $26.25. Those price targets correspond with long-range incentives awarded Mr. Racine under an October 2005 plan approved by the Board of Directors. That plan is subject to shareholder approval. The 45,000 options represent 19.6% of the 229,912 options, restricted shares and purchased shares granted to Mr. Racine in two separate incentive equity awards covering 2004-2007 business objectives. The exercise would represent the first by Mr. Racine since he joined the Company on Sept. 27, 2004. Mr. Racine said his plans to exercise those shares were driven by estate and tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. issues. "I remain committed to the long-term success of Catuity and have filed this plan so that shareholders have a clear understanding of my intentions. I would like to stress that I will exercise a limited number of my options, as outlined in the plan, only when these minimum price thresholds have been achieved." Catuity Inc. makes the point of sale more profitable for its clients by delivering products and services that reduce costs and generate new revenue. Our retailer clients have nearly four million consumers participating in Catuity powered loyalty and gift card programs. For more information on Catuity, please visit our website at www.catuity.com |
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