Dakota City, Neb - IBP, inc. issued the following statement to review insider stock transactions filed with the Securities and Exchange Commission early last week.
In accordance with IBP's Long Term Incentive Plan, on October 9, 1997 the Company's twelve reporting corporate officers vested ownership in the 476,070 common shares which were granted on October 9, 1992. Direct ownership among reporting officers is now 573,441 common shares of the Company. In addition to this vesting, reporting officers also hold stock options and other non- vested grants exercisable into 1,027,170 shares.
Under the Long Term Incentive Plan, as approved by shareholders, the 476,070 shares were earned during the five years since the initial grant on October 9, 1992.
Insider selling dated October 9, 1997, totaling 252,211 shares, is due to the tax and retirement planning impact of the recently vested shares. These shares were used to pay withholding taxes and to deposit the cash value into IBP's Retirement Income Plan. No IBP reporting officer received immediate cash proceeds from these sales. Records of these sales have been filed at the SEC under Form 4.
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