Cablevision Systems CEO James Dolan exercised stock options for about 1.1million shares in August that netted him profit of about $12.9 million, according to documents filed with the Securities and Exchange Commission.
According to a Form 4 filing, which details stock sales by public company executives, Dolan exercised options for about 633,885 shares on Aug. 7 at a strike price of $6.24 per share and sold them on the same day for $18.36 each, netting a profit of $7.7 million.
The next day, according to the Form 4, Dolan exercised options for 269,215 shares at $6.24 each; 120,000 shares at $6.37 each; and 74,400 shares at $9.44 each. He sold those 463,615 shares later that day for $17.98 each, netting a $5.2 million profit.
According to the SEC document, the options were exercisable in 2004, 2005 and 2009 and were set to expire on Sept. 5 and Oct. 1 of this year.
“The Form 4 simply outlines the routine exercise by Mr. Dolan of certain Cablevision stock options that were set to expire,” Cablevision said in a statement.
Cablevision shares were priced at $18.01 each in early trading Tuesday.
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