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Akamai Executive Chairman Adopts 10b5-1 Stock Trading Plan
Akamai Technologies, Inc. (NASDAQ: AKAM) announced today that Executive Chairman George Conrades adopted a personal stock trading plan in August of 2005, pursuant to, and intended to comply with, Rule 10b5-1 under the Securities Exchange Act of 1934.
Under the stock trading plan, Mr. Conrades, 66 years of age, plans to sell up to one million shares of Akamai common stock over a period of approximately six months, commencing on December 6, 2005, as part of a strategy for personal financial and estate planning purposes. Sales will continue at roughly two-week intervals until a planned last sale on June 8, 2006.
Rule 10b5-1 allows corporate officers and directors to adopt written, pre-arranged stock trading plans when they are not in possession of material, non-public information. Shares to be sold under the Rule 10b5-1 plan adopted by Mr. Conrades represent approximately 18 percent of his personal holdings of Akamai common stock, including his vested stock options, as of today's date.
Transactions under this plan will be disclosed publicly through Form 144 and Form 4 filings as required by the SEC.
Mr. Conrades also announced that he has gifted an aggregate of approximately 450,000 shares of Akamai common stock to charitable interests.
Akamai® is the leading global service provider for accelerating content and business processes online. More than 1,800 organizations have formed trusted relationships with Akamai, improving their revenue and reducing costs by maximizing the performance of their online businesses. Leveraging the Akamai EdgePlatform, these organizations gain business advantage today, and have the foundation for the emerging Web solutions of tomorrow. Akamai is "The Trusted Choice for Online Business." For more information, visit www.akamai.com.
Akamai Statement Under the Private Securities Litigation Reform Act
This press release contains statements that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including statements regarding the planned timing of sales under Mr. Conrades' Rule 10b5-1 plan and SEC filings to be made in connection with such sales. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, changes in Mr. Conrades’ Rule 10b5-1 plan at a time when he is not in possession of material nonpublic information and other factors that are discussed in the Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other documents periodically filed with the SEC. In addition, any forward-looking statements represent Akamai's belief only as of today and should not be relied upon as representing Akamai's beliefs as of any subsequent date. Akamai disclaims any intention or obligation to update any forward-looking statements as a result of development occurring after the date of this press release.