Now that’s he’s left the board of Arbitron, former CEO Steve Morris is also selling some of his stock. He’s established a stock selling plan under SEC Rule 10b5-1.
“Morris established this plan in order to diversify his investment portfolio,” the company noted in an SEC filing.
Under the terms of the plan, an authorized third-party broker will sell shares of Company common stock at monthly intervals beginning in August 2009. Additionally, an authorized third-party broker may exercise stock options and then sell shares of Company common stock beginning in August 2009 and ending in October 2009. The plan covers the sale of up to 27,617 shares of Company common stock. This plan is scheduled to terminate no later than December 31, 2009. “The plan was adopted during an authorized trading period and when Mr. Morris was not in possession of material non-public information,” the filing noted.
According to a May 20th filing with the SEC, Morris had 197,197 Arbitron shares and options.