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CUNB > SEC Filings for CUNB > Form 8-K on 17-Sep-2013All Recent SEC Filings

Show all filings for CU BANCORP

Form 8-K for CU BANCORP


Other Events

Item 8.01 Other Events

On September 13, 2013, individual Rule 10b5-1 trading plans for the exercise of stock options which will expire in January and May of 2015 were established by each of the following executive officers of CU Bancorp (the "Company"):

David Rainer, Chairman, Chief Executive Officer & President

Anne Williams, Executive Vice President, Chief Operating Officer & Chief Credit Officer

Anita Wolman, Executive Vice President, Chief Administrative Officer, General Counsel & Corporate Secretary

Robert Dennen, Senior Vice President, Chief Accounting Officer & Treasurer

The maximum number of shares that may be sold under all of the plans is 320,764. No holdings of CU Bancorp securities by the executive officers other than the expiring stock options are included in the plans. The trading plans are being established to cover the cost of exercising the stock options and related tax liabilities, as well as to support the personal financial planning strategies of the executives. The shares acquired upon exercise by Messrs. Rainer and Dennen and Ms. Williams will be sold contemporaneously with the exercise. Trading under these 10b5-1 plans will commence no sooner than October 29, 2013 and will end on the earlier of May 16, 2015 or the date on which the shares in the plans are sold, subject to earlier termination and suspension.

The transactions under the plans will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. Other insiders of the Company may establish stock trading plans under Rule 10b5-1 in the future. Except as may be required by law, the Company does not undertake to report on specific Rule 10b5-1 plans of the Company's officers or directors, nor to report modifications or terminations of such plans.

Rule 10b5-1 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 time.

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