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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. Using these plans, insiders can gradually diversify their investment portfolios, can spread stock trades out over an extended period of time to reduce any market impact and can avoid concerns about whether they had material, non-public information when they sold their stock. Under Mr. Steele's Rule 10b5-1 Plan, he may sell up to 150,000 shares of currently owned Landec common stock representing less than 1% of Landec's outstanding stock subject to certain monthly sale limitations and market price thresholds set forth in the Plan. The Plan terminates once the share limit is reached or November 15, 2010, whichever is sooner. If Mr. Steele completes all the planned sales of shares under his Rule 10b5-1 Plan, he would beneficially own approximately 550,000 shares of Landec's outstanding stock including shares subject to currently exercisable options. The transactions under the Plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. Landec Corporation is a materials science company that designs, develops, manufactures and sells temperature-activated and other specialty polymer products for a variety of food, agricultural and licensed partner applications. The Company's temperature-activated polymer products are based on its proprietary Intelimer(R) polymers which differ from other polymers in that they can be customized to abruptly change their physical characteristics when heated or cooled through a pre-set temperature switch. For more information about the Company visit Landec's website at www.landec.com. SOURCE: Landec Corporation Landec Corporation Gregory S. Skinner, 650-261-3677 Vice President Finance and CFO or EAS & Associates Liz Saghi, 805-967-0161 For full details for LNDC click here.
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