Viacom (VIA) Chairman Sumner Redstone exercised options on 24,430 shares of common stock in the company and sold another 14,538 shares under a prearranged trading plan, according to a Securities and Exchange Commission filing.
Redstone reported that he had exercised the option on Monday for $22.07 each and then turned around and sold them on the same day for $41.41 to $41.73 each. The 14,538 shares he also sold for between $41.74 and $42.28.
These types of plans are prearranged under 10b5-1 trading plans where a company insider is allowed to set it up in advance for these types of transactions and is allowed to go ahead with them even if they get information that isn't 
available to the general public.
Those insiders that set these up must then file Form 4s with the SEC for reporting purposes when partaking in these transactions with company shares. Purchases and sales on the open market have to be reported within two days.
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