president and COO William Rohn has set up a plan to sell as many as 300,000 company shares, according to a regulatory filing Friday.
Rohn intends to sell as many as 125,000 Idec shares per three-month period depending on market prices as a way to gradually diversify his holdings, up to a maximum of 300,000 shares. The nondiscretionary sales plan takes effect Dec. 4 and expires one year later, according to an 8-K filed with the
Securities and Exchange Commission
Rohn owns just under 1.5 million shares and stock options in Idec, according to the company's proxy filed last April.
Rohn is selling his shares under SEC Rule 10b5-1, which permits company insiders to set up a prearranged plan to buy or sell company shares.
Idec was flat at $33.14 in recent trading.