The senior vice president of legal affairs and general counsel for online auctioneer eBay Inc. exercised options for 70,000 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 Friday, Michael R. Jacobson reported he exercised the options Wednesday for 63 cents apiece and then sold all of them the same day for $33.70 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 nonpublic information.
EBay Senior VP Exercises Options - Forbes.com
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