BRYN MAWR, Pa.--(EON: Enhanced Online News)--Aqua America (NYSE:WTR) announced today that its Chairman, President and CEO Nicholas DeBenedictis has established Rule 10b5-1 trading plans as part of his personal and family financial planning strategy for asset diversification.
The establishment of the trading plans does not impact DeBenedictis’ current employment contract, which expires in June of 2015. DeBenedictis has been CEO of Aqua America since 1992.
As part of his personal financial planning strategy, DeBenedictis established trading plans covering shares that he owns directly and that are held in family trusts. The first date on which sales may start under the trading plans is October 16, 2013, and the trading plans each have a 20-month term. Even if the plans are fully executed, DeBenedictis will continue to own in excess of 200,000 shares of Aqua America stock, which exceeds the stock ownership guidelines established by the Board for the Chief Executive Officer.
The trading plans were established in accordance with guidelines specified under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934 and Company policies regarding transactions in the Company’s securities. Transactions under these trading plans will be disclosed publicly through Form 4 filings as required by the SEC.
Aqua America is one of the largest U.S.-based, publicly-traded water utilities and serves about 3 million residents in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, Florida and Georgia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit aquaamerica.com for more information.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the projected market impact of the transactions and the estimated effect on the Company’s earnings per share. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions; availability and the cost of capital; disruptions in the credit markets; DeBenedictis’ employment contract; the success of growth initiatives; and other factors discussed in our Annual Report on Form 10-K for the period ending December 31, 2012, which is on file with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement.