Akamai director exercises options

In a Form 4 filed with the SEC, Frederic V. Salerno reported he exercised options for the shares Tuesday for $2.50 to $3.33 apiece and then sold all of them on the same day for $35 to $35.10 each.

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.

Akamai is based in Cambridge, Mass.