Business Context and Reporting Period
This Form 8-K is a current report filed by CenturyTel, Inc. (not Lumen Technologies, Inc.) regarding events occurring on June 10, 2002. The filing was signed on June 28, 2002.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive stock sales plans.
Material Changes
On June 10, 2002, five executive officers and directors entered into Rule 10b5-1 sales plans with Morgan Stanley DW Inc. to sell an aggregate of 343,640 shares of common stock. These shares are issuable under currently outstanding stock options, most of which expire on December 29, 2002.
Guidance, Outlook, and Management Commentary
Management stated that plan participants intend to use sales proceeds to pay the exercise price and taxes associated with stock option exercises and to diversify holdings for financial planning purposes. Sales are scheduled to commence on the third business day following the announcement of second-quarter 2002 operating results, subject to price and volume restrictions.
Executive Sales Plan Details
| Name | Title | Shares to be Sold | Plan Termination Date |
|---|---|---|---|
| Glen F. Post, III | Chairman, President, CEO | 111,750 | December 29, 2002 |
| Harvey P. Perry | EVP, General Counsel & CAO | 85,553 | Not specified |
| R. Stewart Ewing, Jr. | EVP and CFO | 32,868 | December 29, 2002 |
| David D. Cole | SVP - Operations Support | 13,469 | December 29, 2002 |
| W. Bruce Hanks | Director | 100,000 | Not specified |
| Total | 343,640 |
Important Facts for Investors to Verify
- Confirm the actual commencement date of sales, which is tied to the release of Q2 2002 operating results.
- Verify the impact of these sales on the company's outstanding share count and dilution.
- Note that the registrant is CenturyTel, Inc., not Lumen Technologies, Inc.
- Monitor for any modifications or terminations of these plans, as the company does not undertake to report such changes unless required by law.