TECHNOLOGY : AST Research Founder Yuen Plans to Sell More of His Company Stock

Thomas C.K. Yuen, co-founder and president of AST Research Inc. in Irvine until he left the computer company abruptly in June, has filed papers to sell more of his stock.

Yuen most recently filed statements on Dec. 10 with the Securities and Exchange Commission stating his intention to sell about 100,000 shares of common stock. At Monday’s closing price of $20.875 a share, the stock would be worth $2.1 million.

Earlier, Yuen filed to sell 200,000 shares on Dec. 4 and 67,500 shares on Nov. 23. According to AST’s proxy statement filed in September, Yuen held 2.98 million shares of AST’s stock, or 9.41% of the total, as of June 27.

Yuen received cash and bonus compensation of $1.27 million for the year, according to the filing. In addition, between June 29, 1991, and June 27, 1992, Yuen exercised stock options worth $4 million.

Yuen reportedly left AST after clashing with Chief Executive Safi Qureshey. As part of his severance agreement, Yuen will receive two years’ salary and benefits, excluding bonuses that accounted for $777,400 of his compensation for the fiscal year ended June 27.

In return, Yuen promised to vote with the board regarding the election of directors and refrain from any hostile proxy fight to take over the board of directors. He also agreed not to buy more than 20% of the company’s stock or hire any company employees for at least a year.