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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Stebbins enters into stock trading plan

16 Sep 2011 14:21 GMT

World Fuel Services CEO to sell company stock over 12-month period.



World Fuel Services Corporation has announced that its chairman and chief executive officer, Paul H. Stebbins, has entered into a pre-arranged, non-discretionary stock trading plan.

Under the newly adopted plan, beginning on October 14, 2011 and ending on October 14, 2012, Stebbins may sell a maximum of 150,000 shares, which represents approximately 20 percent of his holdings.

The company said the sales are being made for diversification and tax planning purposes and will be publicly disclosed through Form 4 filings with the Securities and Exchange Commission. The plan was adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and World Fuel Services' policies regarding stock transactions.

Rule 10b5-1 permits individuals who are not in possession of material, non-public information at the time the plan is adopted to establish pre-arranged plans to buy or sell company stock. These plans allow individuals to achieve prudent and gradual asset diversification over time.

Stebbins, who is due to step down as CEO in January 2012 and continue as executive chairman, entered into a similar stock trading plan in 2009. He sold 50,000 company shares in August 2009 after selling a similar amount of shares towards the end of July 2009.

Between August 4-5 2009, Stebbins sold 2,880 shares at a weighted average sale price of $44.9113 and 47,120 shares at an average price of $44.9597.

The previous week, the WFS CEO also sold a total of 50,000 shares between July 28-30 with 20,500 shares selling at a weighted average sale price of $42.9204 and 29,500 shares at $43.4855.

Last year Stebbins entered into a stock trading plan for the sale of a maximum of 256,000 shares between January 15, 2010 and December 31, 2010.






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