Rule 10b5-1 permits corporate officers, directors and others to adopt written, pre-arranged stock trading plans when they are not in possession of material, non-public information. These plans allow insiders to have shares sold for their accounts over a period of time regardless of any material, non-public information they may receive after adopting their plans.
The sale of Scripps shares under these trading plans is intended to help diversify personal investment holdings.
Mr. Boehne’s plan provides for the sale of approximately 382,000 shares (approximately 249,000 of which underlie exercisable options) if certain criteria are met. Sales may commence on May 8, 2013, and would be completed by March 28, 2014.
In accordance with 10b5-1 rules, Mr. Boehne will have no discretion over sales under his plan. All transactions under the plan will be disclosed through Form 144 and Form 4 filings with the Securities and Exchange Commission, as required by applicable securities laws.
Scripps (www.scripps.com) is a leading media enterprise driven to develop and expand its digital strategies while embracing its rich history in delivering quality through television stations, newspapers and the Scripps Howard News Service. Creative, talented and energetic employees are leading the way at 19 television stations and in 13 newspaper markets. The Scripps digital group is growing and gaining momentum with new product offerings, enhancements, and technology that gives customers more options than ever before to find the information and entertainment they crave.