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iStar Financial CEO Adopts New Rule 10b5-1 Stock Trading Plan
NEW YORK, June 21 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), a leading publicly traded finance company focused on the commercial real estate industry, announced today that Jay Sugarman, chairman and chief executive officer, has adopted a new stock trading plan to sell a portion of his company stock over time as part of a strategy for asset diversification and liquidity.
The trading plan was adopted in accordance with guidelines specified by the Securities and Exchange Commission's Rule 10b5-1 under the Securities Exchange Act of 1934. Rule 10b5-1 allows corporate officers and directors to adopt written, prearranged stock trading plans when they do not have material, non-public information. Using these plans, insiders can gradually diversify their investment portfolios, spread stock trades out over an extended period of time to reduce any market impact and avoid concerns about whether they had material, non-public information when they sold their stock.
Under this plan, Mr. Sugarman may sell up to 33,000 shares during each month of the plan, subject to the satisfaction of minimum price conditions and other contingencies. Sales under the plan may commence in August 2007 and will end in July 2009. Any shares not sold during a particular month will be added to the number of shares available for sale in subsequent months. If Mr. Sugarman completes all the planned sales of shares under his Rule 10b5-1 Plan, he still would beneficially own approximately 2.5 million shares of iStar Financial's outstanding stock including exercisable stock options.
In accordance with Mr. Sugarman's trading plan, the sales will occur from time to time, and will be under the direction of Mr. Sugarman's broker. All transactions will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. The Form 4 filings will also be posted on the Investor Relations section of the Company's website at http://www.istarfinancial.com.
iStar Financial Inc. is a leading publicly traded finance company focused on the commercial real estate industry. The Company primarily provides custom- tailored investment capital to high-end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, as well as corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust ("REIT"), seeks to deliver strong dividends and superior risk-adjusted returns on equity to shareholders by providing innovative and value added financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at http://www.istarfinancial.com.
SOURCE iStar Financial Inc.
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