Raytheon VP exercises options for 10,000 shares

Raytheon Senior VP and General Counsel Jay B. Stephens exercises options for 10,000 shares

The senior vice president general counsel for aerospace supplier Raytheon Co. exercised options for 10,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Thursday.

In a Form 4 filed with the SEC, Jay B. Stephens reported he exercised options for the shares Tuesday and Wednesday for $29.45 to $29.48 apiece and then sold 16,577 shares the same days for $66.75 to $67.25 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.

Raytheon is based in Waltham, Mass. (AP)