Increased ownership to 2.98 million shares
THOMASVILLE, Ga., Aug. 29, 2016 /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO) today announced that George E. Deese, chairman of the board, has exercised a stock option for approximately 587,000 shares of Flowers Foods common stock. As a result, his direct ownership of the stock increased from 2.70 million shares to 2.98 million shares, which is well in excess of the company's stock ownership guidelines. The option grant, awarded to Mr. Deese under the company's Equity and Performance Incentive Plan, was set to expire this year. Solely to cover the exercise price and 50% of the federal withholding taxes due as a result of the exercise, Mr. Deese sold shares of Flowers Foods common stock acquired through the option exercise in the open market, electing to pay the remainder of the federal withholding taxes in cash.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of fresh packaged bakery foods in the United States, with 2015 sales of $3.8 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own, Wonder, and Tastykake. Learn more at www.flowersfoods.com.
SOURCE Flowers Foods, Inc.