Thomas Peterffy to sell 10M shares in Interactive Brokers
Electronic trading major Interactive Brokers Group, Inc. (NASDAQ:IBKR) has submitted a document with the Securities and Exchange Commission (SEC) outlining a trading plan by Thomas Peterffy, Chairman and Founder of Interactive Brokers.
The SEC filing, dated November 3, 2020, says that Thomas Peterffy has adopted a Rule 10b5-1 trading plan to sell the 10,000,000 shares of the Company’s Class A common stock received in partial redemption of his interest in IBG Holdings LLC. Mr Peterffy entered into the plan as part of his personal long-term investment strategy for tax, asset diversification and liquidity.
According to the plan, Mr Peterffy will sell up to 20,000 shares of the Company’s Class A common stock per trading day at prevailing market prices, subject to the terms of the plan and SEC Rule 144. The transactions will occur until the earlier of the date on which all shares are sold, July 31, 2022 or the plan is terminated in accordance with its terms and applicable law.
Additionally, on October 30, 2020, a limited liability company indirectly for the benefit of Paul J. Brody, Chief Financial Officer of Interactive Brokerss, and Dr. Thomas A.J. Frank, Executive Vice President and Chief Information Officer of the company, each adopted Rule 10b5-1 trading plans to sell 253,332 and 1,815,458 shares, respectively, of the Company’s Class A common stock received in partial redemption of their interests in IBG Holdings LLC. Dr. Frank’s trading plan also includes shares he received in partial redemption of his interest in IBG Holdings LLC in prior years.
Mr. Brody and Dr. Frank entered into the plans as part of their personal long-term investment strategy for tax, asset diversification and liquidity.
Mr Brody (through his LLC) and Dr. Frank each intend to sell the shares of Class A common stock over time at prevailing market prices. The transactions will occur until the earlier of the date on which all shares are sold, July 20, 2021 or the plans are terminated in accordance with its terms and applicable laws.