Endo's (ENDP) Announces Adoption of 10b5-1 Trading Plan by CEO
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Endo International plc (NASDAQ: ENDP) today announced that Rajiv De Silva, President and CEO, has entered into a Rule 10b5-1 stock trading plan in connection with his year-end tax planning. Under the terms of Mr. De Silva's stock trading plan, an authorized third-party broker will sell up to 13,500 Endo shares beneficially owned by Mr. De Silva, which represents approximately 4 percent of Mr. De Silva's total Endo stock ownership. The stock trading plan will be completed in September 2016. If all of the planned Endo share sales under Mr. De Silva's stock trading plan are completed, Mr. De Silva will continue to beneficially own Endo shares with an aggregate market value well in excess of five times his base salary, as required by the Company's stock ownership guidelines.
The stock trading plan executed by Mr. De Silva was adopted in accordance with Endo's insider trading policy and the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, which provides an affirmative defense from potential liability for company insiders by permitting them to buy or sell a predetermined amount of their company's shares as set forth in a planned acquisition or divestiture program which is adopted when the insider does not possess material non-public information. Transactions under Mr. De Silva's stock trading plan and any other insiders' stock trading plans will be publicly reported to the U.S. Securities and Exchange Commission in accordance with applicable securities laws, rules and regulations.
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