CLEVELAND, March 14, 2011 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS) today announced that Samuel F. Thomas, Chairman, Chief Executive Officer and President, and Michael F. Biehl, Executive Vice President, Chief Financial Officer and Treasurer, have established prearranged trading plans in accordance with Rule 10b5-1 under the Securities Exchange Act. Rule 10b5-1 permits individuals who are not then in possession of material nonpublic information to establish prearranged plans to buy or sell stock. Once established, the individuals have no discretion over transactions under the plan, which can occur in the future under pre-determined instructions, regardless of the subsequent receipt of any material nonpublic information.
Under his plan, Mr. Thomas intends to exercise up to 300,000 employee stock options and sell the underlying shares of Chart stock beginning no earlier than April 11, 2011 and continuing from time to time until March 10, 2012, subject to plan instructions and potential market prices of Chart stock. Mr. Biehl's plan provides for the sale of up to 14,000 shares, including up to 9,450 shares subject to employee stock options, beginning no earlier than April 11, 2011 and continuing from time to time until March 2, 2012, subject to plan instructions and potential market prices of Chart stock. Mr. Thomas and Mr. Biehl and their spouses have significant ownership interests in Chart outside of the shares subject to these plans. Each executive satisfies stock ownership guidelines approved by Chart's Board of Directors excluding the plan shares. The trading plans are designed to facilitate the orderly exercise of employee stock options and the sale of common stock as part of personal long-term financial planning for asset diversification and liquidity with the goal of minimizing market impact and avoiding any concerns about the timing of the transactions. Appropriate filings reporting the sales will be made with the Securities and Exchange Commission when sales are completed.
Chart is a leading global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases. The majority of Chart's products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, the largest portion of which are energy-related. Chart has domestic operations located across the United States and an international presence in Asia, Australia and Europe. For more information, visit: http://www.chart-ind.com.
For more information, click here: