CEO of Deluxe Corp. Announces Diversification Plans and Establishes Trading Plan
Deluxe Corporation, Shoreview, Minn., announced that its CEO Lee Schram has established a personal stock-trading plan, including a Rule 10b5-1 plan, as part of his personal financial planning strategy for asset diversification. Schram will be retiring from his current role, but will continue to lead the company as CEO during the succession process to facilitate a smooth transition.
Schram’s diversification plans include the exercise of certain stock options this month and sale of stock acquired upon the exercise of the options and certain other shares held outright over a period of the next six months.
“In conjunction with the April 26, 2018 announcement of my planned retirement as CEO, and on the advice of my financial advisors for asset diversification purposes, I completed a net exercise of some aged stock option grants and sold the net shares,” Schram said. “I also adopted a 10b5-1 plan to sell some additional shares. Following these transactions, I will maintain significant stock ownership at approximately 14 times my base salary, well in excess of my five times base salary ownership level requirement, which is driven by my continued belief in Deluxe, our strategy and business plans, and our succession plans.”
The stock option exercise and sale transactions will be disclosed publicly through Form 4 filings as required by the SEC.
For more information, visit www.deluxe.com.
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