CHICAGO, March 18, 2014 /PRNewswire/ -- 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.