The chairman, chief executive and president of Polycom Inc. exercised options for 51,490 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, Robert C. Hagerty reported he exercised the options Wednesday, Thursday and Friday for $23.50 apiece and then sold all 51,490 shares on the same days for $24.65 to $25.30 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.
Polycom, which manufactures communication equipment, is based in Pleasanton, Calif.
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