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United Technologies head gains $16.8 million selling shares, exercising options.
Knight Ridder/Tribune Business News, August, 2004
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Aug. 28--George David, chairman of United Technologies Corp., netted about $16.8 million this summer exercising options and selling shares in the company's stock.
With the stock trading between $93 and $94 a share, David exercised 400,000 options -- priced at $19.56 a piece -- in late July and mid-August. The options were set to expire in mid 2005.
David sold 182,709 shares at market rates to pay the taxes and transaction costs, according to filings with the federal Securities and Exchange Commission. UTC says David generally holds options until their expiration date nears.
Paul Jackson, a company spokesman, said that David added 37,291 shares to his holdings in...
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