Palm Founder Sells Shares

(financialwire.net via COMTEX) -- PALM | Quote | Chart | News | PowerRating -- July 3, 2008 (FinancialWire) A founder and former officer of Treo maker Palm (NASDAQ: PALM | Quote | Chart | News | PowerRating) (Current Market Cap: US$561.35 Mil.) sold 166,830 shares of the company's common stock, according to a Securities and Exchange Commission filing.

In a Form 4 filed with the SEC, Jeffrey C. Hawkins reported he sold the shares Monday for $5.37 to $5.84 apiece. Part of the stock sale was conducted under a prearranged 10b5-1 trading plan, which allows a company insider to set up a program in advance and proceed with the transactions even if he or she comes into possession of material non-public information.

Open market purchases and sales must be reported by insiders within two business days of the transaction.

Palm is based in Sunnyvale, California.

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