Union Drilling Chief Financial Officer Dan Steigerwald Exercises 25,400 Sharesadmin
The chief financial officer of oil and gas driller Union Drilling Inc. exercised options for 25,400 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Wednesday.
In a Form 4 filed with the SEC, Dan E. Steigerwald reported he exercised the shares Monday and Tuesday for $3.80 apiece and then sold them the same days for $14.56 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.
Insiders file Form 4s with the SEC to report transactions in their companies’ shares. Open market purchases and sales must be reported within two business days of the transaction.
Union Drilling is based in Forth Worth, Texas.