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NN, INC. CHAIRMAN AND CHEIF EXECUTIVE OFFICER, RODERICK R. BATY ADOPTS 10B5-1 PLAN TO EXERCISE PORTION OF VESTED STOCK OPTIONS
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Johnson City, Tenn – March 17, 2008– NN, Inc. (Nasdaq: NNBR) today announced that Roderick R. Baty Chairman and Chief Executive Officer has entered into a stock trading plan to exercise a portion of his NN, Inc. stock options. The plan provides a method for Mr. Baty to exercise, in an orderly manner, certain of his vested stock options that have begun to approach expiration. This plan is in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934.
Mr. Baty's plan provides for the sale of up to an aggregate of 160,000 shares of NN, Inc. Common Stock beginning on March 14, 2008 and running for 18 months. The transactions will be disclosed publicly as they occur through filings with the Securities and Exchange Commission.
Rule 105b-1 allows insiders to adopt written plans for trading securities in a non-discretionary, pre-scheduled manner in order to avoid concerns about initiating stock transactions when the insider may be aware of non-public information. Such plans also allow insiders to diversify their holdings and to minimize the market effect of stock sales by spreading them out over a period of time.
NN, Inc. manufacturers and supplies high precision metal bearing components, industrial plastic and rubber products and precision metal components to a variety of markets on a global basis. Headquartered in Johnson City, Tennessee, NN has 14 manufacturing plants in the United States, Western Europe, Eastern Europe and China. NN, Inc. had sales of US $421 million in 2007. |