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NEW YORK (AP) -- The executive vice president and chief financial officer of telecommunications company Verizon Communications Inc. exercised options for and then sold 15,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Wednesday. In a Form 4 filed with the SEC, Doreen A. Toben reported she exercised the options for $44.45 apiece Tuesday and sold the shares the same day for $45.50 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. Verizon Communications is based in New York.
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