First Mercury (FMR) Chairman/Pres/CEO Adopts Trading Plan to Sell Up to 50K Shares

May 6, 2008 11:16 AM EDT

First Mercury Financial Corporation (NYSE: FMR) today announced that its Chairman, President and CEO, Richard Smith, has adopted a personal stock trading plan, pursuant to, and intended to comply with, Rule 10b5-1 of the Securities Exchange Act of 1934.

Under the plan, Mr. Smith will sell up to 50,000 shares of First Mercury common stock at certain specified prices commencing May 6, 2008. The plan is scheduled to end when all of the shares have been sold or on May 6, 2009, whichever occurs earlier.

Mr. Smith intends to use substantially all of the proceeds from the sale of stock under the plan to offset the payment of the exercise price of certain qualified stock options to acquire 173,000 shares of First Mercury common stock and to satisfy taxes related to the sale of such shares and the exercise of such options, as well as to satisfy taxes related to an additional option exercise Mr. Smith made in March 2008 for 100,000 shares.

The 50,000 shares subject to the plan represent less than 4% of the approximately 1,365,000 shares Mr. Smith owns beneficially at this time.

First Mercury Financial Corporation, together with its subsidiaries, provides property and casualty insurance products and services to the specialty commercial insurance markets in the United States. [BCS]

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