World Fuel Services Corporation Chief Operating Officer Enters into Pre-Arranged Stock Trading Plan
June 15 2009 - 7:00PM
Business Wire
World Fuel Services Corporation (NYSE:INT) today announced that
its president and chief operating officer, Michael J. Kasbar, has
entered into a pre-arranged, non-discretionary stock trading
plan.
Under the newly adopted plan, beginning on July 16, 2009 and
ending on December 31, 2009, Mr. Kasbar may sell up to 150,000
shares, representing approximately 20% of his holdings. In
addition, Mr. Kasbar may convert up to 101,577 stock-settled stock
appreciation rights (�SSARs�) and sell the shares that he acquires
from such conversion. The number of shares acquired from the
conversion of the SSARs will be equal in value to the closing price
of the Company�s common stock on the conversion date less the
closing price of the Company�s common stock on the date the SSARs
were granted, multiplied by the number of SSARs converted.
The sales are being made for diversification and estate and tax
planning purposes and will be publicly disclosed through Form 4
filings with the Securities and Exchange Commission. The plan was
adopted in accordance with guidelines specified under Rule 10b5-1
of the Securities Exchange Act of 1934, as amended, and World Fuel
Services� policies regarding stock transactions. Rule 10b5-1
permits individuals who are not in possession of material,
non-public information at the time the plan is adopted to establish
pre-arranged plans to buy or sell company stock. These plans allow
individuals to achieve prudent and gradual asset diversification
over time.
About World Fuel Services
Corporation
Headquartered in Miami, Florida, World Fuel Services Corporation
is a global leader in the marketing and sale of marine, aviation
and land fuel products and related services. World Fuel Services
provides fuel and related services at more than 2,500 airports,
seaports and tanker truck loading terminals in over 190 countries
around the world. With 44 offices (including satellite offices)
strategically located throughout the world, World Fuel Services
offers its customers a value-added outsource service for the
supply, quality control, logistical support and price risk
management of marine, aviation and land fuel.
The Company�s global team of market makers provides deep domain
expertise in all aspects of marine, aviation and land fuel
management. World Fuel Services� marine customers include
international container and tanker fleets and time-charter
operators, as well as the United States and foreign governments.
Aviation customers include commercial airlines, cargo carriers and
corporate clientele, as well as the United States and foreign
governments. Land customers include petroleum distributors, retail
petroleum operators, and industrial, commercial and government
accounts. For more information, call 305-428-8000 or visit
http://www.wfscorp.com.
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