ECOLLEGE COM 4
4 · ECOLLEGE COM · Filed Mar 28, 2005
Insider Transaction Report
Form 4
ECOLLEGE COMECLG
BENJAMIN ARTHUR
EVP ECLG, Chair & CEO Datamark
Transactions
- Award
Stock Appreciation Right
2005-03-23+15,000→ 15,000 totalExercise: $12.67Exp: 2010-03-23→ Common (15,000 underlying)
Footnotes (1)
- [F1]The stock appreciation rights are exercisable on March 23, 2010. At such time, the reporting person will be entitled to receive a distribution of shares of common stock with a value calculated by dividing (x) the excess of (A) the Performance Price over (B) the base price per stock appreciation right, by (y) the Performance Price. The reporting person may elect to receive 10% of his or her distribution on each of March 23, 2008 and March 23, 2009. Subject to vesting provisions, the distribution will accelerate upon the occurrence of a change in control.