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Date Posted: 05/10/2006
Ultimate Software CEO Exercises Option, Sell Shares
WESTON, Fla., May 4 /PRNewswire-FirstCall/ -- Ultimate Software (Nasdaq: ULTI - News) reports that on May 2 and 3, 2006, Scott Scherr, Chief Executive Officer, President and Founder of The Ultimate Software Group, Inc. ("Ultimate Software"), exercised an employee stock option to purchase 316,725 shares of Ultimate Software common stock, par value $0.01 per share (the "Common Stock"). This stock option was granted in October 1997 and was due to expire in October 2007. On May 2 and 3, 2006, Mr. Scherr sold, in open market transactions, all of the shares of Common Stock he purchased through the exercise of this stock option. Substantially all of the net, after tax proceeds of the sale are to be used to satisfy obligations of Mr. Scherr under a divorce settlement agreement with his former wife.
About Ultimate Software
Ultimate Software, a leading provider of Web-based payroll and workforce management solutions, markets award-winning UltiPro as licensed software, as a hosted application through Intersourcing, and as a co-branded offering to Business Service Providers (BSPs) under the "Powered by UltiPro" brand. Employing approximately 550 professionals who are focused on developing the highest quality products and services, Ultimate Software was named the 2005 Payroll Provider of the Year by the Human Resources Outsourcing Association and listed among the 2005 Top 25 Best Medium-Sized Companies to Work for in America by the Great Place to Work Institute and the Society for Human Resource Management. In 2006, Ultimate Software's Customer Services team won a Service & Support Professionals Association (SSPA) STAR award. Ultimate Software customers represent diverse industries and include such organizations as The Container Store, Elizabeth Arden, The Florida Marlins Baseball Team, The New York Yankees Baseball Team, Nintendo of America, Ruth's Chris Steak House, and SkyWest Airlines. More information on Ultimate Software's products and services can be found at http://www.ultimatesoftware.com
UltiPro and Intersourcing are registered trademarks of The Ultimate Software Group, Inc. All other trademarks referenced are the property of their respective owners.
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Source: Ultimate Software
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