Verizon chairman, CEO exercises options |
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Published
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Mon, 31 Dec 2007 18:57
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WASHINGTON (AP) - The chairman and chief executive of telecommunications company Verizon Communications Inc. exercised options for 85,690 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.In a Form 4 filed Thursday with the SEC, Ivan G. Seidenberg reported he exercised the options Wednesday for $44.45 apiece and then sold all 85,690 shares on the same day for $44.95 apiece.The stock sale was conducted under a prearranged 10b5-1 trading plan which allows company insiders to set up a program in advance for such transactions and proceed even if they come into possession of material nonpublic information.Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.Verizon is based in New York.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Verizon CEO exercises options 