MAGELLAN PETROLEUM CORP /DE/ 4
4 · MAGELLAN PETROLEUM CORP /DE/ · Filed Nov 4, 2014
Insider Transaction Report
Form 4
wilson j thomas
Director
Transactions
- Award
Common Stock
2014-10-31+30,000→ 615,477 total - Award
Employee Stock Option (right to buy)
2014-10-31+400,000→ 400,000 totalExercise: $1.80Exp: 2024-10-31→ Common Stock (400,000 underlying)
Footnotes (3)
- [F1]Award of restricted shares that are scheduled to vest, based on continuing employment, on December 31, 2015.
- [F2]In addition to the award of restricted shares reported herein, the reporting person was also awarded operational performance goal options on October 31, 2014 to purchase 600,000 shares of common stock at an exercise price of $1.80 per share. The vesting and exercisability of such operational performance goal options are subject to certain operational performance goal conditions (other than the passage of time and continued employment) that are not tied to the market price of the issuer's securities, and thus, based on an interpretive position by the staff of the Securities and Exchange Commission, do not constitute reportable derivative securities for purposes of Section 16 of the Securities Exchange Act of 1934 until such operational performance goal conditions are satisfied.
- [F3]The target stock price options are scheduled to vest, based on continuing employment, in annual one-third installments over a three-year period ending October 31, 2017. The target stock price options become exercisable if, at the end of any period of 90 trading days (a "Window"), (A) the closing price of one share of the issuer's common stock as reported by NASDAQ (the "Closing Price") on each of the first ten (10) trading days of a Window equals or exceeds $5.00 per share; and (B) the median of the Closing Prices for the issuer's common stock during such Window is equal to or exceeds $5.00 per share.