Effective March 11, 2021, Patrizio Vinciarelli, President, Chief Executive Officer and Chairman of the Board of Vicor Corporation (the “Company”), entered into a pre-arranged stock trading plan (the “10b5-1 Plan”) with a brokerage firm to sell a limited number of shares of the Company’s common stock, par value $0.01 per share (“Common Stock”).
Sales under the 10b5-1 Plan will begin no earlier than April 1, 2021. The 10b5-1 Plan allows for the sale of up to 10,000 shares of Common Stock for each incremental $1.00 increase in the market price of the Common Stock from $101 to $130 per share, subject to a total volume limitation of 300,000 shares.
Based on his current ownership of 10,014,454 shares of Common Stock and 11,023,648 shares of Vicor Corporation Class B Common Stock, if all of the 300,000 shares of Common Stock subject to the 10b5-1 Plan were sold, Mr. Vinciarelli’s beneficial ownership of Vicor Corporation’s capital stock would decrease by less than one percent of issued and outstanding shares of capital stock.
The 10b5-1 Plan was designed to comply with the Company’s insider trading policies and the guidelines specified in Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended, which permit an officer or director to enter into a pre-arranged plan for buying or selling Company stock at a time when the officer or director is not in possession of material, nonpublic information about the Company.
All sales of Common Stock under the 10b5-1 Plan will be disclosed publicly in accordance with applicable securities laws, rules, and regulations through appropriate filings with the U.S. Securities and Exchange Commission.
