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Last Update: 11-Feb-13 07:43 ET
Google shares slightly lower following disclosure that Eirc Schmidt plans on selling stake
Google (GOOG $779.59 -5.78) disclosed "On November 15, 2012, Eric E. Schmidt, Google's Executive Chairman of the Board of Directors, adopted a stock trading plan in accordance with the guidelines specified in Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and Google's Policy Against Insider Trading. In February 2013, sales of Eric's Google stock may commence under this trading plan. As of December 31, 2012, Eric beneficially owned approximately 7.6 mln shares of Class A and Class B common stock, which represented ~2.3% of Google's outstanding capital stock and ~8.2% of the voting power of Google's outstanding capital stock. Under the terms of this trading plan, Eric intends to sell up to approximately 3.2 mln shares of Class A common stock. If, during the one-year period for which this trading plan is effective, Google declares and pays a dividend of one share of Class C capital stock for each share of Class A common stock and Class B common stock then outstanding, then a number of shares of Class C capital stock equivalent to the number of shares of Class A common stock subsequently sold, will also be sold under the trading plan. On a pro forma basis as of December 31, 2012, assuming all shares of Class A common stock (and excluding the shares of Class C capital stock to be issued pursuant to the dividend) had been sold under the trading plan, Eric would have owned ~4.4 mln shares, which would have represented as of such date ~1.3% of Google's outstanding capital stock and ~5.0% of the voting power of Google's outstanding capital stock."
