The chief technology officer of cell phone 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 Monday.
In a Form 4 filed with the SEC, Roberto Padovani reported he exercised the options Wednesday for $29.21 to $22.23 apiece and then sold all the shares the same day for $46.11 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.
Qualcomm is based in San Diego.
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