FAIRPORT, N.Y., Jan. 28 /PRNewswire-FirstCall/ -- Constellation Brands, Inc. (NYSE: STZ, ASX: CBR) Chairman and CEO Richard Sands, President and COO Rob Sands, Executive Vice President and CFO Tom Summer and Executive Vice President and Chief Legal Officer Tom Mullin have adopted plans in compliance with Securities and Exchange Commission (SEC) rule 10b5-1 that provide for the sale of shares of the company's Class A common stock currently subject to stock options.
These options, which are due to expire over the next year in the case of those held by the Sands, in the next two to five years in the case of those held by Summer, and five years for those held by Mullin, were granted under the company's long term stock incentive plans in which other employees are also eligible to participate. Each of the executives has advised the company that the shares are being sold to fund the option exercises and provide for portfolio diversification. The other shares of Constellation Brands stock held by the executives are unaffected by these plans.
These transactions, when they occur in accordance with the 10b5-1 plans, will be publicly disclosed in Form 4 filings required to be made with the SEC within two business days of each sale date. The following table reflects the number of shares covered by the plans for each executive.
Seller Total Number of Shares Covered by Sales Plan Richard Sands 316,800 Rob Sands 296,800 Tom Summer 96,400 Tom Mullin 50,000
Media Relations - Philippa Dworkin
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