PONTE VEDRA, Fla., May 11, 2017 /PRNewswire/ -- On May 10, 2017, Steven R. Carn, Chief Financial Officer of Advanced Disposal Services, Inc. (the Company) (NYSE: ADSW) entered into a pre-arranged trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. Rule 10b5-1 permits the creation of written plans for buying and selling stock at a time when insiders are not in possession of material non-public information. Once a plan is established, the insider does not retain or exercise any discretion over sales of shares under the plan.
Under the plan, Mr. Carn intends to contribute up to 110,000 shares of common stock to one or more exchange funds in a private transaction and to sell up to 238,841 shares of common stock in market transactions over time if certain criteria are met. Mr. Carn has held the shares subject to the plan since December 31, 2008. Transfer and sale of the shares may commence on May 10, 2017 and would be completed by May 31, 2018.
The plan was adopted by Mr. Carn as part of his personal long-term financial planning for asset diversification, liquidity and estate planning. If all of the sales in this plan are transacted, Mr. Carn's holdings, including shares subject to stock options, restricted stock units and performance share units, will continue to remain in excess of five times his base salary.
This press release contains a number of forward-looking statements. Words, and variations of words such as "believe," "expect," "plan," "continue," "will," "should," and similar expressions are intended to identify our forward-looking statements. These forward-looking statements involve risks and uncertainties, many of which are beyond our control, and important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, risks related to the capital markets. For additional information on these and other factors that could affect our forward-looking statements, see our risk factors, as they may be amended from time to time, set forth in our filings with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.
About Advanced Disposal Services, Inc.
Advanced Disposal (NYSE: ADSW) brings fresh ideas and solutions to the business of a clean environment. As the fourth largest solid waste company in the U.S., we provide integrated, non-hazardous solid waste collection, recycling and disposal services to residential, commercial, industrial, and construction customers across 16 states and the Bahamas. Our team is dedicated to finding effective, sustainable solutions to preserve the environment for future generations. We welcome you to learn more at www.AdvancedDisposal.com or follow us on Facebook.
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SOURCE Advanced Disposal Services, Inc.