The chairman, president and chief executive of chemicals maker Cytec Industries Inc. exercised options for 10,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.
In a Form 4 filed Wednesday with the SEC, David Lilley reported he exercised the options Tuesday for $20.44 apiece and then sold 5,500 shares on the same day for $59.60 to $60.41 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.
Cytec Industries is based in West Paterson, N.J.
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