Bermuda-based Montpelier Re Holdings Ltd. announced that its Chairman, President and CEO, Anthony Taylor, has adopted a written plan in accordance with Rule 10b5-1(c) under the Securities Exchange Act of 1934 for the purpose of selling limited amounts of his Montpelier Re Holdings Ltd. equity holdings.
“Sales under the 10b5-1 plan will be made from time to time at the discretion of an independent broker,” said the announcement. “The plan will cover the possible exercise of 600,000 options and shares sales over a 12 month period, subject to market conditions and the terms of the plan. A Rule 10b5-1 plan is designed to enable an executive to avoid any real or perceived conflict of interest in connection with the trading of company securities.
“A written plan is established at a time when the executive does not have material inside information. Once the plan is executed, the executive does not retain any discretion over the shares traded as the broker administering the plan is authorized to trade company securities in volumes and at prices determined independently by the broker subject to the limitations set forth in the plan.”
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