The chief technology officer of chip maker Qualcomm Inc. exercised options for 20,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Friday.
In a Form 4 filed with the SEC, Roberto Padovani reported he exercised options for the shares Wednesday for $22.23 to $23.78 apiece, and then sold all of them for $44.12 to $44.34 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.
Qualcomm is based in San Diego.
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