CLEVELAND, Aug. 10, 2012 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS) today announced that Samuel F. Thomas, Chairman, Chief Executive Officer and President, has established a prearranged trading plan 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 the plan, Mr. Thomas intends to exercise up to 94,264 employee stock options, which are nearing the end of their term, and sell the underlying shares of Chart stock beginning no earlier than September 10, 2012 and continuing from time to time until September 10, 2013, subject to plan instructions and potential market prices of Chart stock. Mr. Thomas and his spouse have significant ownership interests in Chart outside of the shares subject to this plan. Further, Mr. Thomas satisfies stock ownership guidelines approved by Chart's Board of Directors excluding the plan shares. The trading plan is designed to facilitate the orderly exercise of employee stock options, avoiding potential future forfeiture of such 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 any sales will be made with the Securities and Exchange Commission when sales are completed.
Chart is a leading independent 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 on Chart visit: http://www.chartindustries.com.
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