Abbott Labs Exec. VP Michael exercises options

The executive vice president of diagnostics of medical device maker Abbott Laboratories exercised options for 63,665 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.

In a Form 4 filed Friday with the SEC, Edward L. Michael reported he exercised the options Wednesday for $32.61 and $42.50 apiece and sold 9,936 shares the same day for $55 apiece.

He also surrendered 51,986 shares back to the company for $54.40 apiece the same day. Insiders can surrender shares as a way to cover either taxes or the cost of exercising options.

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.

Abbott Laboratories is based in Abbott Park, Ill.