CHICAGO, June 4 /PRNewswire-FirstCall/ -- NAVTEQ Corporation , a leading global provider of digital maps for vehicle navigation and location-based solutions, announced that its President and Chief Executive Officer, Judson C. Green, has adopted a new pre-arranged stock trading plan. Mr. Green's prior pre-arranged stock trading plan was adopted in 2005 and expired at the end of 2006.
Under the new pre-arranged stock trading plan, which Mr. Green adopted on May 9, 2007, Mr. Green will sell approximately 9% of his combined, remaining shares of stock, restricted stock units and stock options over an eleven month period commencing on June 12, 2007, subject to market conditions and the terms of the plan, for tax planning and diversification purposes. The stock trading plan was adopted in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934.
Certain other NAVTEQ executive officers previously have adopted Rule 10b5-1 stock trading plans and other NAVTEQ executive officers and directors may adopt Rule 10b5-1 original or new stock trading plans in the future.
Rule 10b5-1 permits the adoption of written, pre-arranged trading plans by insiders at times when they do not have material, non-public information. 10b5-1 plans minimize the market effects of stock sales by spreading sales out over an extended period of time rather than selling larger blocks of stock during the limited trading windows following the release of financial information. In addition, the rule avoids concerns about initiating stock transactions while an insider may be aware of material non-public information. Once a plan is established, the insider retains no discretion over sales under the plan, and the pre-planned trades can be executed through a broker at later dates without regard to any subsequent material non-public information that the insider may receive.
All of Mr. Green's trades, as well as those of any of the Company's other directors and executive officers, will be publicly reported on Forms 144 and Forms 4 filed with the Securities and Exchange Commission.
About NAVTEQ
NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has approximately 2,800 employees located in 167 offices in 28 countries.
NAVTEQ and MAP NETWORK are trademarks in the U.S. and other countries. All rights reserved.
This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. The statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in each of the Company's Annual Report on Form 10-K for the year ended December 31, 2006 and the Company's Quarterly Report on Form 10-Q for the quarter ended April 1, 2007, as filed with the Securities and Exchange Commission.
Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. NAVTEQ does not undertake any obligation to update any forward-looking statements contained in this document.
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