The president of jewelry retailer Tiffany & Co. exercised options for 10,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Thursday.

In a Form 4 filed with the SEC, James E. Quinn reported he exercised options for the shares Thursday for $14.98 apiece and then sold them all the same day for $56.39 apiece.

The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.

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