Square (SQ) CEO Jack Dorsey has entered into a stock trading plan to sell shares of Square over the course of the next twelve months, in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934.
The prearranged plan was finalized in August, and total shares available for sale are capped at approximately 7% of Mr. Dorsey’s overall holdings. The proceeds from these sales are for Mr. Dorsey’s financial and tax planning purposes and to enable him to help further fund the Start Small Foundation. The transactions will be disclosed periodically through Form 4 and Form 144 filings with the Securities and Exchange Commission.
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