Flowers issues disclosure on Deese shares

by Josh Sosland
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THOMASVILLE, GA. — Flowers Foods, Inc. on Aug. 22 said George E. Deese, executive chairman of the company, has exercised options to purchase about 529,000 shares of Flowers stock.

 “He intends to hold for the foreseeable future the shares of Flowers Foods common stock obtained through this option exercise, net of those shares necessary to cover the exercise price and related tax liability,” Flowers said.

In a Form 4 filed with the Securities and Exchange Commission, Flowers said Mr. Deese purchased 528,975 shares of Flowers stock on Aug. 20 at a price of $11 per share. The following two days Mr. Deese sold 232,000 shares at $19.26 per share and an additional 183,000 shares at a price of $19.15.

Flowers said the options were granted to Mr. Deese in 2008 under the company’s equity and performance incentive plan and will expire in February 2015. Following the completion of this exercise, Mr. Deese will hold approximately 2.2 million shares of Flowers Foods common stock, which Flowers said is “well in excess of the company’s stock ownership guidelines.”
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