Paul Fireman, chairman and chief executive officer of Reebok International, Ltd., said that he and his wife will sell as many as two million shares of stock in the athletic shoe company. The sale will be through forward contracts that will provide flexibility in the timing of the sale. This move will also permit Fireman to retain ownership of the shares during this period.

The variable contracts, which conclude in three years, are put into place if the stock hits three predetermined price levels.

If the sales are complete, the Firemen would still own 17% of Reebok’s shares. They are selling their shares, it was noted, to diversify their holdings.