Time Warner director exercises options |
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Published
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Thu, 31 May 2007 20:21
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NEW YORK (AP) - A director of media company Time Warner Inc. exercised options for 14,200 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.In a Form 4 filed with the SEC Wednesday, Kenneth J. Novack reported he exercised options for the shares Tuesday for $12.88 apiece and then sold all of them the same day for $21.40 apiece.The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public 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.Time Warner 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 This material may not be published, broadcast, rewritten, or redistributed.
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