Connaghan Michael Denis 4
4 · ETRIALS WORLDWIDE INC. · Filed Apr 16, 2009
Insider Transaction Report
Form 4
ETRIALS WORLDWIDE INC.ETWC-ETWCW
Connaghan Michael Denis
DirectorPresident and CEO
Transactions
- Tax Payment
Common Stock
2009-02-27$0.73/sh−5,799$4,233→ 110,620 total - Award
Common Stock
2009-02-27+16,419→ 116,419 total
Holdings
- 350,000
Employee Stock Options (right to buy)
Exercise: $1.10Exp: 2018-11-12→ Common Stock (350,000 underlying)
Footnotes (3)
- [F1]Represents 16,419 shares of common stock approved by the Board of Directors on February 27, 2009 based on achievement of certain Performance Target Goals established by the Board of Directors and Compensation Committee. The number of shares was established based on the closing sales price of the Company's common stock on February 27, 2009 of $.73 per share.
- [F2]Represents a disposition of shares to the Issuer to fund the Reporting Person's tax withholding obligation relating to the vesting of restricted stock granted on November 10, 2008 and the grant of 16,544 shares of stock approved by the Board of Directors on February 27, 2009.
- [F3]On November 10, 2008, the Company's Board of Directors granted incentive stock options to Mr. Connaghan to purchase 350,000 shares of our Common Stock. Subject to accelerated vesting as described in the Incentive Stock Option Agreement, the options vest in sixteen equal quarterly installments of 21,875 shares on the 12 day of February, May, August and November of each year beginning February 12, 2009 and ending November 12, 2012. This grant qualifies for exemption under SEC Rule 16b-3(d).