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CBOE Holdings (NASDAQ: CBOE) today announced that certain officers of the company have each established pre-arranged share disposition plans with a brokerage firm under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
Plans established pursuant to Rule 10b5-1 permit insiders of a corporation to sell shares over a predetermined period of time, subject to predetermined volume and price parameters. A plan can only be established when the insider participating in the plan is not in possession of material non-public information.
The individuals participating in the stock trading plans will sell shares as detailed below, allowing them to gradually diversify a portion of their holdings in an orderly, prearranged manner.
The following officers elected to enter into Rule 10b5-1 stock trading plans:
- William J. Brodsky, Executive Chairman of the Board - plan authorizes the sale of up to 50,000 shares over the next three months, representing approximately 14 percent of his total holdings;
- Edward T. Tilly, Chief Executive Officer - plan authorizes the sale of up to 25,000 shares over the next 12 months, representing approximately 14 percent of his total holdings; and
- David S. Reynolds, Chief Accounting Officer - plan authorizes the sale of up to 6,000 shares over the next three months.
Sales of shares pursuant to the stock trading plans will be reported through Form 4 filings with the Securities and Exchange Commission (SEC). Except as may be required by law, the company does not report stock trading plans by other company officers or directors, or modifications, transactions or other activities under any publicly announced plan. The officers remain in compliance with any applicable stock ownership guidelines.
