Lavelle Michael P. 4
4 · SCHOOL SPECIALTY INC · Filed Jan 13, 2012
Insider Transaction Report
Form 4
Lavelle Michael P.
DirectorChief Executive Officer
Transactions
- Award
Non-Qualified Stock Option (right to buy)
2012-01-12+250,000→ 250,000 totalExercise: $2.26Exp: 2022-01-12→ Common Stock (250,000 underlying) - Award
Common Stock
2012-01-12+75,000→ 75,000 total - Award
Non-Qualified Stock Option (right to buy)
2012-01-12+75,000→ 75,000 totalExercise: $2.26Exp: 2022-01-12→ Common Stock (75,000 underlying)
Footnotes (3)
- [F1]Grant of restricted stock under the School Specialty, Inc. 2008 Equity Incentive Plan (the "2008 Plan"). One-third of the shares will vest on the date on which Reporting Person purchases a number of shares of common stock of School Specialty, Inc. (the "Company") with an aggregate purchase price of at least $400,000 (the "Purchase Date"), and another one-third will vest on each of the first and second anniversaries of the Purchase Date.
- [F2]Option granted under the 2008 Plan. One-fourth of the underlying shares will become exercisable on the date the Average Trading Price (as defined in the applicable option agreement) equals or exceeds $5.00, and another one-fourth will become exercisable on each of the dates the Average Trading Price equals or exceeds $10.00, $15.00 and $20.00; provided, however, that the option may not be exercised with respect to more than one-third of the underlying shares on each of the first three anniversaries of the date of grant.
- [F3]Option granted as an inducement to Reporting Person's acceptance of the Company's offer of employment. One-third of the underlying shares will become exercisable on the Purchase Date, and another one-third will become exercisable on each of the first and second anniversaries of the Purchase Date.