The chief executive of e-commerce software company Digital River Inc. exercised options for 30,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Monday.
In a Form 4 filed with the SEC, Joel A. Ronning reported he exercised options for the shares Thursday for $5.13 to $22.98 apiece and then sold 56,635 shares Thursday for $30.75 to $31.33 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 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.
Digital River is based in Eden Prairie, Minn.
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