MANHASSET, N.Y. Power components supplier Vicor Corp. chief executive Patrizio Vinciarelli plans to sell up to 1 million shares of Vicor stock over the next year, according to a online report.
The report, quoting the Boston Business Journal
, said Vinciarelli owns 21 million shares, about a third of the common stock of Vicor (Andover, Mass.). Vinciarelli, who founded Vicor in 1981, reportedly received a $257,000 salary last year.
Vinciarellli will sell the stock under Rule 10b5.1 under the Securities Exchange Act, which enables corporate insiders to prearrange sales of company securities at a time when they are not aware of any material non-public information. Such a program involves establishing a written plan to sell shares over a set period of time.
Director Estia Eichten has adopted a similar plan to sell up to 100,000 shares of his 1.2 million shares of Vicor stock. Eichten has been a board member since the company's inception, and is a scientist at Fermi National Accelerator Laboratory (Batavia, Ill.).
According to the report, Vicor shares have doubled since Oct. 2004 to trade just under $17. The plan will allow Vinciarelli to sell shares at prices between $18 and $37.50 per share.
Vicor sells power components and systems to high-tech, industrial control and military electronics companies, last reporting having 1,140 employees. In its third fiscal quarter ended September, Vicor earned $1.7 million on $45 million in sales.