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Snap-on director exercises options for 200,000 shares

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April 28, 2008

NEW YORK—A director of tool maker and marketer Snap-on Inc. exercised options for 200,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Friday.

In a Form 4 filed with the SEC, Jack D. Michaels reported exercising the options on Thursday for $50.22 apiece and then selling the same number of shares on the same day for $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 nonpublic 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.

Snap-on is based in Kenosha, Wis.

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