The new plans involve a greater number of options and other shares and extend over a longer period of time than earlier plans. The plans, which comply with the SEC Rule 10b5-1 safe harbor regarding insider trading, are motivated primarily by the executives' desire to diversify their personal investments as they near eventual retirement.
Sales will occur during quarterly "window periods," except for shares from options nearing expiration. For Mr. Manning, the "window periods" limitation will not apply to prompt sales of shares received in any future stock grant or sales during the last year of his plan, beginning in July, 2010. Anticipated sales each quarter by Mr. Manning, Mr. Hobbs and Mr. Carney are about 82,000 shares, 19,250 shares and 36,000 shares, respectively, plus any "roll-overs" from prior periods that were not sold because of minimum price floors.