Twitter Inc (TWTR)

[eastunder]

Twitter co-founders, CEO have no plans to sell shares: SEC filing

http://www.cnbc.com/id/101580937?__source=yahoo%257cfinance%257cheadline%257cheadline%257cstory&par=yahoo&doc=101580937%257c%27No+plans+to+sell+shares,


April 14, 2014

09:23 EDT TWTR Twitter co-founders, CEO have no plans to sell shares around May 5 lockup

Twitter (TWTR) disclosed in a regulatory filing that its co-founders, Jack Dorsey and Evan Williams, and its CEO, Richard Costolo, have informed the company that they have no current plans to sell any of their shares of Twitter common stock. If Dorsey, Williams or Costolo decide to sell, they are required by the company's policies to do so pursuant to a trading plan intended to comply with the requirements of a SEC Rule 10b5-1 Plan, the company noted, adding that it requires any 10b5-1 Plan to be entered into during an open trading window and to have a “cooling-off” period. Twitter said the earliest Dorsey, Williams and Costolo could sell would be 90 days after its next open window. Additionally, Benchmark venture capital funds, which are affiliated with a member of the company's board of directors, have informed Twitter that they have no present intention to sell or distribute stock to their limited partners before or immediately after the expiration of Twitter's lockup on May 5. Twitter said that its executive officers, other than CEO Costolo, have either entered into 10b5-1 Plans or indicated they do not intend to sell any of their shares of Twitter common stock until they put a 10b5-1 Plan in place and that sale transactions by its executive officers will be disclosed publicly through filings with the SEC, as required.

http://www.theflyonthewall.com/permalinks/entry.php/TWTRid1992659/TWTR-Twitter-cofounders-CEO-have-no-plans-to-sell-shares-around-May--lockup