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NEW YORK - The executive vice president of worldwide operations and business development for network equipment maker Cisco Systems Inc. exercised options for 65,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.
| CSCO | 22.26 |  -0.02 |
In a Form 4 filed with the SEC Friday, Richard J. Justice reported he exercised the options Thursday for $13.04 to $19.59 apiece and then sold all 65,000 of the shares on the same day for $25.68 to $25.82 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.
Cisco Systems is based in San Jose, Calif.
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