Eric Schmidt To Sell Up To 2.4 Mln Shares
Of Google Class A Common Stock
(RTTNews.com) - Google Inc. (GOOG) disclosed in a regulatory filing that Eric Schmidt, its Executive Chairman of the Board of Directors, may commence selling stock this month as part of a stock trading plan adopted on November 1, 2011. Eric has served as Google's chief executive officer from 2001-2011.
Under the terms of this trading plan, Eric intends to sell up to approximately 2.4 million shares of Class A common stock. On a pro forma basis as of December 31, 2011 assuming all shares are sold under the trading plan, Eric would own approximately 6.7 million shares.
This plan would lead to Eric reducing his stake to 2.1% of outstanding capital stock and approximately 7.3% of the voting power of outstanding capital stock. As of December 31, 2011, Eric beneficially owned approximately 9.1 million shares of Class A and Class B common stock, which represented approximately 2.8% of outstanding capital stock and approximately 9.7% of the voting power of outstanding capital stock.
Google said this pre-arranged trading plan was adopted in order to allow Eric to sell a portion of stock as part of long-term strategy for individual asset diversification and liquidity.
GOOG closed Friday's trading session at $604.64.
(RTTNews.com) - Google Inc. (GOOG) disclosed in a regulatory filing that Eric Schmidt, its Executive Chairman of the Board of Directors, may commence selling stock this month as part of a stock trading plan adopted on November 1, 2011. Eric has served as Google's chief executive officer from 2001-2011.
Under the terms of this trading plan, Eric intends to sell up to approximately 2.4 million shares of Class A common stock. On a pro forma basis as of December 31, 2011 assuming all shares are sold under the trading plan, Eric would own approximately 6.7 million shares.
This plan would lead to Eric reducing his stake to 2.1% of outstanding capital stock and approximately 7.3% of the voting power of outstanding capital stock. As of December 31, 2011, Eric beneficially owned approximately 9.1 million shares of Class A and Class B common stock, which represented approximately 2.8% of outstanding capital stock and approximately 9.7% of the voting power of outstanding capital stock.
Google said this pre-arranged trading plan was adopted in order to allow Eric to sell a portion of stock as part of long-term strategy for individual asset diversification and liquidity.
GOOG closed Friday's trading session at $604.64.
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