The chief executive and vice chairman of telecommunications company IDT Corp. exercised options for 9,635 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing on Friday.
In a Form 4 filed with the SEC, James A. Courter reported he exercised the shares on Wednesday for $2.19 apiece and then sold them the same day for $13 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 nonpublic 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.
IDT is based in Newark, N.J.
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