Cerner Announces Variable Prepaid Forward Contract on Cerner Stock by Chairman Neal...
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Cerner Announces Variable Prepaid Forward Contract on Cerner Stock by Chairman
Neal Patterson and Vice Chairman Clifford Illig
KANSAS CITY, Mo., Nov. 9, 2009 (GLOBE NEWSWIRE) -- Cerner Corporation
(Nasdaq:CERN) today announced that Chairman Neal Patterson and Vice Chairman
Clifford Illig have each entered into a variable prepaid forward contract
covering 500,000 shares of Cerner common stock.
Patterson and Illig are entering the variable prepaid forward contracts to
provide funding for other business investments. The variable prepaid forward
arrangements provide Patterson and Illig with current liquidity while allowing
them to maintain voting and dividend rights in the stock, as well as the ability
to participate in future stock price appreciation, during the term of the
contracts.
The variable prepaid forward contracts are scheduled to settle in November 2012,
at which time the actual number of shares to be delivered by Patterson and Illig
will be determined based on the price of the company's common stock, with the
number not to exceed 500,000 shares each. Subject to certain conditions,
Patterson and Illig can also elect to settle the variable prepaid forward
contracts in cash or with other collateral.
The variable prepaid forward contracts do not apply to the approximately 11.3
million remaining shares of the company's stock and vested options held by
Patterson and Illig personally, jointly or in trust over which shares Patterson
and Illig have sole or shared voting power.
About Cerner
Cerner is transforming healthcare by eliminating error, variance and waste for
healthcare providers and consumers around the world. Cerner(R) solutions
optimize processes for healthcare organizations ranging in size from
single-doctor practices, to health systems, to entire countries, for the
pharmaceutical and medical device industries, and for the healthcare commerce
system. These solutions are licensed by more than 8,000 facilities around the
world, including approximately 2,100 hospitals; 3,300 physician practices
covering more than 30,000 physicians; 500 ambulatory facilities, such as
laboratories, ambulatory centers, cardiac facilities, radiology clinics and
surgery centers; 600 home-health facilities; and 1,500 retail pharmacies. The
following are trademarks of Cerner: Cerner and Cerner's logo. Nasdaq: CERN. For
more information about Cerner, please visit our Web site at www.cerner.com.
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CONTACT: Cerner Corporation
Media Contact:
Sarah Bond
(816) 885-8020
sarah.bond@cerner.com
Investors Contact:
Allan Kells
(816) 201-2445
akells@cerner.com
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