A senior vice president at food maker H.J. Heinz Co. exercised options for and then sold 110,995 shares of common stock under a prearranged trading plan, according to a filing with the Securities and Exchange Commission.
In a Form 4 filed Thursday with the SEC, Michael D. Milone reported exercising the options on Tuesday and Wednesday for $49.21 apiece, then selling all the shares on the same days for $49.87 to $49.99 apiece. The options were set to expire next Tuesday.
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.
H.J. Heinz is based in Pittsburgh.
Terms & Conditions
RSS Headlines
Fool UK