(The Associated Press circulated the following on May 10.)
NEW YORK — The senior vice president and chief legal officer of railroad operator Kansas City Southern exercised options for 72,000 shares of common stock, according to a Securities and Exchange Commission filing.
In a Form 4 filed with the SEC Monday, William J. Wochner reported he exercised the options Friday for $5.75 apiece and then sold 36,000 shares the same day for $46.60 apiece. He also surrendered 18,165 shares back to the company the same day at $46.37 apiece.
Insiders can surrender shares as a way to cover either taxes or the cost of exercising options.
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.