RALEIGH, N.C.--Dec. 27, 2005--Red Hat, Inc. (NASDAQ: RHAT) announced today that, for personal tax, asset diversification and financial planning reasons, its Chief Executive Officer, Matthew Szulik, plans to enter into a Rule 10b5-1 stock trading plan with respect to the Company's common stock and also to engage in transactions in the Company's common stock outside of the stock trading plan, in January 2006. Sales effected outside of the stock trading plan in January 2006, plus the maximum sales effected pursuant to the stock trading plan, are in the aggregate expected to constitute not more than approximately 27% of the shares of Company's common stock that Mr. Szulik beneficially owns.
Mr. Szulik, who has been the Chief Executive Officer of the Company for over six years and a senior executive since 1998, stated, "These arrangements will permit me to engage in diversification of my personal investment portfolio in an orderly manner and facilitate additional personal financial and tax planning."
Rule 10b5-1 allows corporate officers and directors to adopt written, pre-arranged stock trading plans. These plans can be used to diversify portfolios and to spread trades over a period of time. So long as such a plan is adopted at a time when the seller does not have material, non-public information, the transactions called for under the trading plan will be deemed not to have been made on the basis of material non-public information.
Red Hat also announced that certain of its other executive officers plan to enter into Rule 10b5-1 stock trading plans and may also engage in transactions in the Company's common stock outside of such plans.
About Red Hat
Red Hat is the world’s leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, and open source communities, Red Hat helps create relevant, innovative technologies that liberate resources for growth and prepare customers for the future of IT. Learn more at http://www.redhat.com.
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Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks related to delays or reductions in information technology spending; the effects of industry consolidation; the ability of the Company to compete effectively; the integration of acquisitions and the ability to market successfully acquired technologies and products; uncertainty and adverse results in litigation and related settlements; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; the ability to deliver and stimulate demand for new products and technological innovations on a timely basis; risks related to data and information security vulnerabilities; ineffective management of, and control over, the Company’s growth and international operations; fluctuations in exchange rates; and changes in and a dependence on key personnel, as well as other factors contained in our most recent Quarterly Report on Form 10-Q (copies of which may be accessed through the Securities and Exchange Commission’s website at http://www.sec.gov), including those found therein under the captions "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations". In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic and political conditions, governmental and public policy changes and the impact of natural disasters such as earthquakes and floods. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.