The senior vice president of human resources of drilling contractor Pride International Inc. exercised options for 10,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.
In a Form 4 filed Tuesday with the SEC, Lonnie D. Bane reported he exercised the options Friday for $15.60 apiece and then sold all 10,000 shares on the same day for $37.50 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a program in advance for such transactions and proceed even if they come 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.
Pride International is based in Houston.
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