ST. LOUIS, Oct. 17 /PRNewswire-FirstCall/ -- Monsanto Company (NYSE: MON) today announced that several of its executives, including: Hugh Grant, chairman, president and chief executive officer, and Robb Fraley, executive vice president and chief technology officer, have established stock trading plans in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
Under these plans, the Monsanto executives have directed brokers in the sale of shares and exercise of stock options in order to diversify their personal financial portfolios. All executives have previously satisfied their Monsanto stock ownership requirements, including Mr. Grant at an amount equal to five times his annual base salary and Dr. Fraley at an amount equal to three times his annual base salary. Both Mr. Grant and Dr. Fraley hold stock in excess of their Monsanto stock ownership requirements.
Roughly 40 Monsanto executives have stock ownership requirements of varying levels. Monsanto established a stock ownership requirement in 2000 in connection with the company's initial public offering of stock. These guidelines have been amended since then, most recently in June 2006, to keep the dollar value requirements of stock ownership commensurate with base pay multiples.
In accordance with Rule 10b5-1, officers and directors of public companies may adopt plans for purchasing or selling securities in which the amount, price and date of the transactions are specified. These plans may only be entered into when the officer or director is not in possession of material, nonpublic information.
Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. For more information on Monsanto, see: http://www.monsanto.com.
|SOURCE Monsanto Company|
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