Yahoo on Friday said its co-founder, Jerry Yang, has established a prearranged trading plan for up to 8 million common shares during a 12-month period. In a regulatory filing, Yahoo said Yang transferred 8 millions shares into a blind trust as part of a so-called "10b5" trading plan that allows officers while not in possession of material, nonpublic information to sell sales over time.
The trust "has complete discretion to trade the stock within a 12-month period," Yahoo said in a filing with the U.S. Securities and Exchange Commission. Yang's trading plan was established Tuesday during the company's current trading window for officers, Yahoo said.
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