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Red Hat Chairman Matthew Szulik sells shares

By Associated Press
July 3, 2008 | Comments (0)

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The chairman of software provider Red Hat Inc. sold 30,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.

In a Form 4 filed with the SEC Tuesday, Matthew Szulik reported he sold the shares Monday for $21.03 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 non-public 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.

Red Hat is based in Raleigh, N.C.

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