Sadek Zachary F 4
4 · TIER TECHNOLOGIES INC · Filed May 11, 2010
Insider Transaction Report
Form 4
Sadek Zachary F
Director
Transactions
- Award
Cash-Settled Restricted Stock Units
2010-05-11+9,000→ 9,000 totalFrom: 2011-05-11Exp: 2011-05-11→ Common Stock (9,000 underlying)
Footnotes (3)
- [F1]Each restricted stock unit is the economic equivalent of one share of Tier Technologies, Inc. common stock.
- [F2]One year cliff vesting.
- [F3]All proceeds from the exercise of the cash-settled restricted stock units are payable to investment funds affiliated with Giant Investments LLC pursuant to a contractual obligation of Mr. Sadek to assign any fees received for service as a director of Tier Technologies, Inc.