(The Associated Press circulated the following on June 5.)
NEW YORK — The chairman and chief executive of railroad operator Kansas City Southern exercised options for 36,000 shares of common stock and sold them under a prearranged trading plan, according to a Securities and Exchange Commission filing.
In Form 4s filed with the SEC Wednesday, Michael R. Haverty reported he exercised options for the shares Monday for $5.75 apiece and then sold all of them the same day for $48.54 to $50.22 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 non-public information.
Insiders file Form 4s with the SEC to report transactions in their companies’ shares. Open market purchases and sales must be reported within two business days of the transaction.
Kansas City Southern is based in Kansas City, Mo.