Glenn Fogel, the CEO and President of Booking Holdings (NASDAQ: BKNG), announced in an SEC filing* on September 18, after the market closed, that he, along with two other directors, had sold Booking shares with a total value of $4.3 million.
Glenn Fogel, the CEO of Booking Holdings, sold 750 shares of Booking Holdings at prices between $3,162.04 and $3,164.08 per share, totaling approximately $2.4 million. Previously, on July 18, he had already sold shares worth $402,000.
David Goulden, the CFO, sold 550 shares at $3,200.75 per share, amounting to approximately $1.8 million.
Lynn Vojvodich Radakovich, a director, sold 29 shares at $3,200.75 per share, totaling approximately $92,821.75, as reported by Seekingalpha.
These Booking share sales, executed on September 15, were announced in accordance with the 10b5-1(c) sales plan approved on May 19, 2023. The Booking public shareholder notice was issued on June 6, detailing executive compensation and stock option details.
The 10b5-1 rule allows corporate insiders to establish predetermined plans for selling company shares in compliance with insider trading laws. The price, quantity, and timing of sales must be predetermined and based on a formula or metric.
In this case, it’s important to note that this transaction was not insider trading but rather a pre-established situation based on a published and accepted plan. For instance, – and this is just an imagined example how such a plan can look like – when the company’s stock price reached and exceeded $3,000, it triggered a selling opportunity for executives.
Booking Holdings’ stock price experienced an above-average decrease of 2% in trading on September 19.
*SEC filings are regulatory documents that companies and issuers are required to regularly submit to the Securities and Exchange Commission (SEC). Their purpose is to provide transparency and information to investors, analysts, and regulatory authorities.
