NEW YORK (AP) - The president and chief executive of Varian Medical Systems
Inc., which makes cancer-therapy systems, exercised options for 50,000 shares of
common stock under a prearranged trading plan, according to a Securities and
Exchange Commission filing.
In a Form 4 filed with the SEC Thursday, Timothy E. Guertin reported he
exercised the options Tuesday for $17.95 apiece and then sold all 50,000 of them
on the same day for $47.13 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan, which
allows a company insider to set up a program in advance for such transactions
and proceed with them even if he or she comes 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.
Varian Medical Systems is based in Palo Alto, Calif.
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