Ed, a vice-president of Palmette Products, Inc., buys 1,000 shares of his company's stock on June 15. His son has medical problems in September, and Ed sells the stock at a profit. Under Section 16, Ed
A. must turn over to Palmette any profits he made on the sale.
B. may keep any profits on the sale since he had a good reason to sell and was not selling in order to manipulate the market.
C. may keep the profits from the sale as long as he reported his sale to the SEC within two business days.
D. may keep any profits from the sale if he did not act on secret information when he sold the shares.
Answer: A
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