W.R. Grace CEO Fred E. Festa sold shares of newly exercised stock options for a nearly $1.3 million profit, the Columbia chemical maker said Tuesday.

Festa exercised an option to buy 21,490 shares at $19.71 apiece Monday and sold them the same day for about $78.04 each, according to a company filing with the U.S. Securities and Exchange Commission.

W.R. Grace said the sale was "pursuant" to a prearranged trading plan. Festa owned 100,000 shares of company stock after the transaction.

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