Fossil CEO Kartsotis sells 650,000 shares, keeps 12.9% interest

By Lisa Kerner

Charlotte, N.C., May 13 - Fossil Inc. chief executive officer and director Kosta N. Kartsotis sold 650,000 shares of the company's stock in the open market between March 11 and May 6 priced from $13.17 to $20.25 each, according to a schedule 13D/A filed with the Securities and Exchange Commission on Wednesday.

Kartsotis was required to disclose the sale and the decrease in the number of shares pledged as collateral to secure a margin loan under a rule 10b5-1 sales plan dated March 2.

Of the 8,622,877 shares of Fossil beneficially owned by Kartsotis, 4,725,539 shares are pledged as collateral to secure a margin loan.

Kartsotis has a 12.9% ownership interest in the Richardson, Texas, watches and fashion accessories company.

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