Park announces stock sale by President and CEO
Dec 30, 2005
Park Electrochemical Corp. (NYSE: PKE) announced that Brian E. Shore, its President and Chief Executive Officer, has sold 30,000 shares of common stock of the company. Mr. Shore acquired these shares pursuant to the exercise of stock options on April 20, 2005, shortly before the expiration of the ten year options which had been granted to him in May 1995.
Mr. Shore must sell these shares before the end of the calendar year to avoid significant income tax obligations resulting from the exercise of the options, and he is selling the shares to obtain funds to finance the payment of the exercise price of the options and to pay the tax liability resulting from the exercise of the options. Mr. Shore has received no salary increase during the company's last five fiscal years and has received no bonus since the company's fiscal year ended February 25, 2001. As he has in the past, Mr. Shore rejected the Compensation Committee's offer of a bonus for the fiscal year ended February 27, 2005 and a salary increase for the fiscal year ending February 26, 2006.