Titan International Inc. President and CEO Maurice Taylor Jr. intends to sell up to 40,000 shares of Titan International common stock owned by the Maurice and Michelle Taylor Foundation. The Foundation funds are primarily used to award college scholarships to children of Titan employees.
In addition, Maurice and Michelle Taylor will sell up to 450,000 shares of Titan International stock held in their name to pay personal financial obligations. A Form 4 has been filed for 180,600 shares sold and any further sales also will be filed with the Securities and Exchange Commission.
“I personally have not sold any Titan stock for more than seven years; however, in March 2004, the Foundation sold 10,000 shares at approximately $5 per share and since then the stock price has doubled,” says Maurice Taylor. “I have obligations for the use of these funds. After these transactions, I will still hold approximately 1.8 million shares, including over 300,000 in stock options, so I hope the price doubles again.”
