Eric Schmidt, former CEO, and currently executive chairman with Google, is planning to sell as many as 3.2 million shares, according to a Form 8-K the company filed with SEC.
Mr. Schmidt adopted a stock trading plan in November 2012, to sell a portion of his Google stock as part of his long-term strategy for individual asset diversification and liquidity, according to the filing.
As of December 31, 2012, Mr. Schmidt owned approximately 7.6 million shares of Class A and Class B common stock, which represented approximately 2.3% of Google’s outstanding capital stock, and approximately 8.2% of the voting power of Google’s outstanding capital stock. Under the terms of this trading plan, Mr. Schmidt intends to sell up to approximately 3.2 million shares of Class A common stock.
The stock trading plan represents some 42 percent of Mr. Schmidt’s share holdings.