Hannon Armstrong Chairman and CEO Adopts 10b5-1 Trading Plan
ANNAPOLIS, Md.--(BUSINESS WIRE)-- Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate change solutions, today announced that Jeffrey W. Eckel, Chairman and CEO, has established a trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (“Rule 10b5-1”). Rule 10b5-1 permits individuals who are not then in possession of material non-public information to establish pre-arranged plans to buy or sell stock in the future consistent with certain timing, volume and/or price limitations, regardless of any subsequent material non-public information. Under this plan, Mr. Eckel intends to sell up to 150,000 shares, subject to the market price of Hannon Armstrong’s common stock, all as set forth in his trading plan. Sales under the plan may commence on March 12, 2020 and will expire on September 30, 2020.
This plan was adopted to enable Mr. Eckel to sell a portion of his Hannon Armstrong stock as part of Mr. Eckel’s long-term tax and asset diversification strategy. Utilizing this type of plan, Mr. Eckel can diversify his investment portfolio, spreading stock trades out over an extended period of time, reducing market impact. “Just as our investors benefit from the diversity in Hannon Armstrong’s portfolio, it is time I diversified my investments a bit as well,” said Mr. Eckel. If all sales in this plan are transacted, Mr. Eckel will continue to own more than five times the amount of shares sold.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate change solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of December 31, 2019, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns.
Some of the information contained in this press release is forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements.
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Source: Hannon Armstrong Sustainable Infrastructure Capital, Inc.
Released February 25, 2020