|
NEW YORK (AP) -- The president and chief operating officer of telecommunications company Verizon Communications Inc. exercised options for and then sold 187,325 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, Dennis F. Strigl reported he exercised the options for $37.24 to $44.45 apiece Monday and sold the shares the same day for $45 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.
|