Dominion Officers and Directors Expected to
Enter Plans to Exercise Expiring Stock Options
RICHMOND, Va. – Dominion (NYSE: D) announced today that
certain Section 16 officers and directors are expected to make standard Rule
144 filings with the Securities and Exchange Commission during the next 15 months
to disclose their intent to exercise stock options that will expire on Jan.
1, 2008.
Insider trading limitations may increase in the near term
as Dominion management continues its previously announced strategic review of
its businesses and its asset mix. During the review, officers and directors
may become aware of material non-public information that would prevent them
from trading in Dominion securities during future trading windows unless they
have previously entered into a 10b5-1 trading plan. Accordingly, officers and
directors of Dominion are expected to enter into 10b5-1 trading plans to make
sure that their stock options do not expire unexercised. Approximately 953,000
unexercised stock options held by Section 16 officers and directors are scheduled
to expire on Jan. 1, 2008.
Following its merger with Consolidated Natural Gas Co. in
2000, Dominion granted stock options as part of an executive long-term compensation
plan designed to link management and shareholder interests. Under the plan,
three tranches of executive-level stock option grants expire on Jan. 1, 2008,
2009 and 2010, respectively.
Dominion is one of the nation's largest producers of energy,
with a portfolio of about 28,100 megawatts of generation, about 6.3 trillion
cubic feet equivalent of proved natural gas reserves and 7,800 miles of natural
gas transmission pipeline. Dominion also operates the nation's largest underground
natural gas storage system with about 950 billion cubic feet of storage capacity
and serves retail energy customers in ten states. For more information about
Dominion, visit the company's Web site at http://www.dom.com.
