The chairman of Stratex Networks Inc., which makes wireless microwave radio transmission products, exercised options for 50,136 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Friday.
In a Form 4 filed with the SEC, Charles Kissner reported he exercised the shares Wednesday and Friday for $1.72 apiece and then sold them Wednesday and Friday for $5 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.
Stratex is based in San Jose, Calif.
source : biz.yahoo.com
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