Charles Schwab Corp. said Friday its Chairman and Chief Executive netted $48 million from 10-year-old stock options that were about to expire.
The options, for 3,304,035 shares, allowed Schwab to buy shares at $7.35 each. The options were to expire on May 11 and any unexercised options are canceled upon expiration and lose all value, said the company.
Schwab immediately sold the shares acquired through the options, the company said. The company didn't confirm exactly when the transactions took place.
Schwab Corp.'s stock was trading just under $22 a share on Friday.
The shares sold were less than 2 percent of Schwab's holdings in his company. Charles Schwab continues to hold 208 million shares, about 18 percent of the company's outstanding shares.