Two members of the E.W. Scripps executive team have announced plans under SEC rule 10b5-1 that will allow them to authorize stock trading plans prior to gaining insider knowledge which might otherwise prevent the trades.
The plans are pre-arranged and the two executives will no longer have any control over the actual transactions.
The purpose of entering into the plans is overall portfolio diversification.
From Scripps, here are the two execs and an accounting of what’s on the table:
Richard A. Boehne, chairman, president and CEO, has established a plan to sell up to approximately 72,700 shares underlying options, which were granted in February 2007, if certain criteria are met. Sales of shares underlying options may commence on Oct. 6, 2014, and would be completed by Feb. 20, 2015.
Timothy E. Stautberg, senior vice president, newspapers, has established a plan to exercise up to approximately 70,400 options, which were granted in February 2008, if certain criteria are met. Exercise of the options may commence on Oct. 1, 2014, and would be completed by Feb. 27, 2015.