Google Co-founders Page And Brin To Sell Shares

(RTTNews) - Google Inc. (GOOG) disclosed in a regulatory filing that its co-founders Larry Page and Sergey Brin each intends to sell approximately 2 million shares of each Class B common stock (converted into Class A common stock) and non-voting Class C capital stock.

Larry, a director, also serves as Google's Chief Executive Officer, while Sergey serves as a director.

Google stated in the filing that Larry and Sergey each adopted new stock trading plans in November 2014 to sell a portion of their stock over time as part of their long-term strategies for individual asset diversification and liquidity. The newly adopted trading plans were designed to replace their 2009 stock trading plans that expired in January 2015.

As of January 30, 2015, Larry and Sergey held approximately 44.6 million shares of Class B common stock, which represents about 13.1 percent of Google's outstanding Class A and Class B common stock, taken together, and approximately 54.6% of the voting power of outstanding voting stock. Larry and Sergey also hold 44.6 million shares of non-voting Class C capital stock, which represents 13.1 percent of outstanding non-voting Class C capital stock.

If Larry and Sergey complete all the planned sales under these newly adopted Rule 10b5-1 stock trading plans, they would continue to collectively own approximately 40.6 million shares of Class B common stock, which would represent approximately 11.9 percent of Google's outstanding Class A and Class B common stock, taken together, and approximately 52.0 percent of the voting power of Google's outstanding voting stock.

After the planned sales, they would also collectively own approximately 40.6 million shares of non-voting Class C capital stock, which would represent approximately 11.9 percent of Google's outstanding non-voting Class C capital stock.

GOOG closed Friday's regular trading up 1.12 percent at $549.01.