Clarification: Celadon Insider Story

A correct version follows.

NEW YORK (AP) The chairman and chief executive of truckload carrier Celadon Group Inc. sold 196,875 shares of common stock, according to a Securities and Exchange Commission filing Friday.

In a Form 4 filed with the SEC, Stephen Russell reported he sold the shares Wednesday for $9.72 to $9.95 apiece.

In February 2006 Russell, entered into a two-year, zero-cost collar arrangement an options strategy that protects underlying shares from large downward moves by setting a floor price for 393,750 shares.

The net result of the transactions is that Russell will receive the $13.50 floor price under the collar negotiated two years ago and keep one-half of the shares subject to the zero-collar.

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.

Celadon Group is based in Indianapolis.