Citadel Equity Fund, Ltd., the affiliate of Citadel Investment Group, entered into a Rule 10b5-1 trading plan on 11 August 2009 in connection with its holdings of E*Trade Financial Corporation.
Kenneth Griffin, Citadel’s President and CEO, recently joined E*TRADE’s Board of Directors and will continue in that role. Rule 10b5-1 permits individuals and firms who are not then in possession of material non-public information to establish pre-arranged plans to buy or sell stock, and are typically entered into by officers and directors of public companies. The plan has been adopted to comply with Rule 10b5-1 of the Securities Exchange Act of 1934.
Citadel’s plan, which is expected to conclude by the end of October, 2009, provides that a broker will sell up to 120,000,000 shares of E*TRADE common stock for Citadel in accordance with a predetermined formula. The plan, under which Citadel will exercise no further discretion or control, will permit Citadel to reduce its aggregate exposure to ETFC in an orderly manner.
L.D.