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ITC > SEC Filings for ITC > Form 8-K on 1-Jul-2014All Recent SEC Filings

Show all filings for ITC HOLDINGS CORP.



Other Events

Item 8.01 Other Events.

On June 26, 2014, Joseph L. Welch, Chairman, President and Chief Executive Officer of ITC Holdings Corp. (the "Company"), established a stock trading plan in accordance with the requirements specified in Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended (the "Trading Plan"), and terminated the stock trading plan previously entered into on December 18, 2013 and disclosed in the Current Report on Form 8-K filed by the Company on December 19, 2013 (the "Prior Trading Plan"). The Trading Plan covers the exercise of stock options that would otherwise expire in July 2015, and is substantially similar to the Prior Trading Plan, except that the exercise of stock options will be on a net settlement basis rather than a sell-to-cover basis. Under the terms of the Trading Plan, an authorized third-party broker will exercise up to 965,007 options beginning in June 2015 without discretion by Mr. Welch on the timing of the exercise. The Trading Plan is scheduled to terminate no later than July 24, 2015, unless terminated earlier by Mr. Welch.

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