WWE’s corporate website recently published a form revealing that one of its principal owners, none other than Stephanie McMahon, is planning to sell some of her stock in the company. The announcement was made on Wednesday, May 27, through the submission of a form 8-K.
The document, which can be found here, reads as follows:
“On May 27, 2015, the Stephanie McMahon Levesque Trust u/a Vincent K. McMahon Irrev. Trust dtd. 6/24/04 (the “Trust”) adopted a 10b5-1 stock trading plan. The plan provides for the sale of shares of Class B common stock (“Class B Shares”) of World Wrestling Entertainment, Inc. (the “Company”) held by the Trust. Stephanie McMahon, the Company’s Chief Brand Officer and a director of the Company, is the sole beneficiary and investment director of the Trust. Under the plan, beginning on August 10, 2015, a brokerage firm will be authorized to sell a certain number of Class B Shares periodically provided the price per share is above certain levels. The plan expires on December 31, 2015. The maximum number of Class B Shares that can be sold over the duration of the plan is 609,733 shares. In connection with the sales, the Class B Shares will be converted into shares of the Company’s Class A common stock.”
“The foregoing trading plan is intended to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policy. Rule 10b5-1 allows individuals who are not in possession of material, non-public information at the time a stock trading plan is adopted to establish prearranged written plans to buy or sell a specified number of shares of a company’s stock. The foregoing trading plan contains certain pre-determined minimum price conditions in order for trading to occur. The plan provides for sales spread out over a set period of time with the goals of gradually diversifying the individual’s investment portfolio, while maintaining such individual’s compliance with the Company’s stock ownership guidelines and limiting market impact from such stock sales.”
“Transactions under the foregoing trading plan will be disclosed publicly through Form 4 and Form 144 filings with the Securities and Exchange Commission, to the extent required by law.”
This is not the first time Stephanie McMahon has sold some of her WWE stock. Back in the spring of 2013, she made more than one million dollars selling portions of her WWE stock.