The chairman and chief executive of engineering and construction company McDermott International Inc. exercised options for 43,640 shares of common stock, according to a filing with the Securities and Exchange Commission.
In a Form 4 filed with the SEC Monday, Bruce W. Wilkinson reported exercising the options on Thursday for $4.85 apiece, then selling all 43,640 shares on the same day for $52.76 to $53.80 apiece.
The transactions were 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.
McDermott is based in Houston.
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