Just prior to an upcoming presentation Flowers Foods will be giving for growth strategies in early September, the producer of bakery products announced yesterday that George E. Deese, Chairman of the Board, has exercised a stock option for approximately 587,000 shares of Flowers Foods common stock.
As a result Deese is now in excess of the company’s stock ownership guidelines, growing from 2.70 million to 2.98 million shares. Deese was awarded the option grant under the Equity and Performance Incentive Plan, and had been set to expire this year.
Additionally, according to a report filed with the SEC, Deese sold 462,500 shares of Flowers Foods common stock acquired through the option exercise in the open market, solely to cover the exercise price and 50% of the federal withholding taxes due as a result of the exercise. Deese elected to pay the remainder of the federal withholding taxes in cash.
Flowers Foods operates bakeries across the country which produce a wide range of bakery products, and reached sales of $3.8 billion in 2015, according to the company. The company’s top brands are Nature’s Own, Wonder, and Tastykake.
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