[ news_security_news ]
Check Point Execs Impement Stock Trading Programs
SecurityProNews
Staff Writer
2005-04-23
 Insider Reports RSS Feed
Check Point Software Technologies announced today that two of its executives, Gil Shwed and Marius Nacht, have implemented stock trading programs in accordance with Rule 10b5-1 under the United States Securities Exchange Act of 1934.
Mr. Shwed, Chief Executive Officer and Chairman of the Board, and Mr. Nacht, Senior Vice President and Vice Chairman of the Board, have both established stock trading plans to be in effect for the next 15 months to exercise and sell options that are due to expire in July 2006. The respective plans comply with the company's trading policies.
Mr. Shwed beneficially owns outright or has the option to purchase 31.1 million of the 247.1 million outstanding ordinary shares of the company and Mr. Nacht beneficially owns outright or has the option to purchase 28.1 million of the outstanding ordinary shares of the company. The respective 10b5-1 plans will allow each executive to sell up to 3,000,000 shares that he is eligible to obtain upon the exercise of the stock options that are due to expire in July 2006. Even assuming the sale of all the ordinary shares covered by the 10b5-1 plans, the two executives would remain the company's largest individual shareholders.
Rule 10b5-1 allows corporate insiders and those with access to sensitive financial information to adopt written, pre-determined stock trading plans when they do not have material, non-public information.
About the Author:
SecurityProNews is a daily online and email publication focusing on internet security issues.
More news_security_news Articles
Insider Reports RSS Feed
|
|
iEntry 10th Anniversary
RSS
Archive
