VECTOR GROUP LTD. (NASDAQ:VGR) Files An 8-K Other EventsItem 8.01 Other Events
Bennett S. LeBow, Chairman of the Board of Directors of Vector Group Ltd. (the “Company”), has informed the Company that he entered into a Rule 10b5-1 plan (the “Plan”) on December 8, 2016.
Under the Plan, he will gradually sell a portion of his Company common stock from January 3, 2017 until April 12, 2017. The Plan directs his broker to sell up to 100,000 shares per week. The shares to be sold are held by LeBow Gamma Limited Partnership, an entity controlled by Mr. LeBow. to the Plan, up to 1,500,000 shares can be sold. As reported in Mr. LeBow’s most recent Schedule 13D, Mr. LeBow currently beneficially owns 8,914,581 shares of the Company’s common stock adjusted for the Company’s 5% stock dividend, which was paid on September 29, 2016 to stockholders of record as of September 21, 2016. The Company has been advised that Mr. LeBow entered into the Plan in connection with personal estate planning and in order to diversify his personal holdings.
Mr. LeBow will report transactions effected under the Plan through Form 144 and Form 4 filings made with the Securities and Exchange Commission, as appropriate.
The Plan is intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and with Vector’s Equity Retention and Hedging Policy and Stock Ownership Guidelines as well as compliance with Federal Securities Laws.
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