Calpine Chmn, CEO Cartwright To Exercise Stk Options
DOW JONES NEWSWIRES
SAN JOSE -- Calpine Corp. (CPN) Chairman and Chief Executive Peter Cartwright plans to exercise his stock options and sell Calpine shares acquired by the exercise of these options pursuant to a pre-arranged structured sales plan.
In a press release Thursday, the energy company said that as of Dec. 31, 2001, Cartwright held 10.1 million vested options, 2.5 million of which will expire at the end of 2002. Cartwright owned 172,255 Calpine shares as of Dec. 31, 2001.
Calpine said the pre-arranged structured sales plan is in accordance with both the Securities and Exchange Commission's Rule 10b5-1 and Calpine's insider trading policy.
Pre-arranged trading plans created under Rule 10b5-1 allow company employees to sell and purchase a company's stock pursuant to a predetermined program established by the employee at a time the employee is not aware of material non-public information. Cartwright entered into the arrangements to exercise his expiring options during an open trading window under Calpine's insider trading policy. A third-party broker administers Cartwright's structured trading plan.
Earlier this month, under his pre-arranged trading plan, Cartwright exercised 57,000 options that would have expired on Dec. 31, and subsequently sold those shares. Calpine had about 307 million shares outstanding at the end of 2001.
Shares of Calpine traded recently at $7.55, down 20 cents, or 2.6%, on New York Stock Exchange volume of 5.6 million shares. Average daily volume is 17.2 million shares,
Updated February 28, 2002 2:53 p.m. EST |
