MIAMI -- (Business Wire)
World Fuel Services Corporation (NYSE:INT) today announced that its
president and chief executive officer, Michael J. Kasbar, has entered
into a pre-arranged, non-discretionary stock trading plan.
Under the newly adopted plan, beginning on February 26, 2013 and ending
on December 31, 2013, Mr. Kasbar may sell up to 81,693 shares of the
Company’s common stock, which represents approximately 7% of his
holdings. In addition, beginning on February 26, 2013 and ending on
March 15, 2013, Mr. Kasbar may convert up to 100,000 stock-settled stock
appreciation rights that expire on March 15, 2013 (“SSARs”) and sell the
shares that he acquires from such exercise and conversion. The number of
shares acquired from the conversion of the SSARs will be equal in value
to the closing price of the Company’s common stock on the conversion
date less the closing price of the Company’s common stock on the date
the SSARs were granted, multiplied by the number of SSARs converted.
The sales are being made for diversification and estate and tax planning
purposes and will be publicly disclosed through Form 4 filings with the
Securities and Exchange Commission. The plan was adopted in accordance
with guidelines specified under Rule 10b5-1 of the Securities Exchange
Act of 1934, as amended, and World Fuel Services’ policies regarding
stock transactions. Rule 10b5-1 permits individuals who are not in
possession of material, non-public information at the time the plan is
adopted to establish pre-arranged plans to buy or sell company stock.
These plans allow individuals to achieve prudent and gradual asset
diversification over time.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a leading global
fuel logistics company, principally engaged in the marketing, sale and
distribution of aviation, marine and land fuel products and related
services on a worldwide basis. World Fuel Services sells fuel and
delivers services to its clients at 6,000 locations in more than 200
countries and territories worldwide.
The company's global team of market makers provides deep domain
expertise in all aspects of aviation, marine and land fuel management.
Aviation customers include commercial airlines, cargo carriers, private
aircraft and fixed base operators (FBO’s), as well as the United States
and foreign governments. World Fuel Services' marine customers include
international container and tanker fleets, cruise lines and time-charter
operators, as well as the United States and foreign governments. Land
customers include petroleum distributors, retail petroleum operators,
and industrial, commercial and government accounts. For more
information, call 305-428-8000 or visit www.wfscorp.com.
World Fuel Services Corporation
Ira M. Birns, 305-428-8000
Vice President & Chief Financial Officer
Source: World Fuel Services Corporation
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