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Dobson Communications Corp. reported that three senior executives transferred 950,300 shares of company stock worth more than $6.6 million back to the telecommunications provider to repay the principal and interest that was due on loans they had obtained from the company in 2001.
The non-cash transfer was completed Aug. 21 with the price of the stocks based on the five-day average closing price of $7.02 per share.
Dobson noted that the loans, which were scheduled to mature in December, were originally approved for the senior executives so that they could meet alternative minimum tax obligations related to the exercise of company stock options, and no additional loans have been made since 2001.
