|Kasbar enters into stock trading plan|
|World Fuel Services CEO in plan to sell company stock over ten-month period.
|Updated on 21 Dec 2012 09:02 GMT
|World Fuel Services Corporation (WFS) has announced that its president and chief executive officer, Michael J. Kasbar [pictured], has entered into a pre-arranged, non-discretionary stock trading plan.
Under the newly adopted plan, beginning on February 26, 2013 and ending on December 31, 2013, Kasbar may sell up to 81,693 shares of the company’s common stock, which represents approximately 7% of his holdings. In addition, beginning on February 26, 2013 and ending on March 15, 2013, Kasbar may convert up to 100,000 stock-settled stock appreciation rights (SSARs) that expire on March 15, 2013 and sell the shares that he acquires from such exercise and conversion.
The number of shares acquired from the conversion of the SSARs will be equal in value to the closing price of the Company’s common stock on the conversion date less the closing price of the company’s common stock on the date the SSARs were granted, multiplied by the number of SSARs converted.
WFS said the sales were being made for diversification and estate and tax planning purposes and will be publicly disclosed through Form 4 filings with the Securities and Exchange Commission.
The stock trading 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.