WARREN RESOURCES INC 4
4 · WARREN RESOURCES INC · Filed Nov 30, 2015
Insider Transaction Report
Form 4
Smith Frank T JR
Senior Vice President and CFO
Transactions
- Award
Restricted Stock Units
2015-11-25+450,000→ 450,000 totalExp: 2018-11-25→ Common Stock (450,000 underlying)
Footnotes (2)
- [F1]Each restricted stock unit represents a contingent right to receive one share of WRES common stock. The restricted stock units vest annually over three years on the anniversary of November 25, 2015, dependent on the performance of WRES's common stock. If the average closing price is at $2.00 or greater over any 20 consecutive trading days (the "twenty day average price") during the first three years following the transaction date, 75,000 restricted stock units will vest in equal installments on each of the remaining anniversary dates. If the twenty day average price is at $4.00 or greater during the first three years following the transaction date, an additional 150,000 restricted stock units will vest on each of the remaining anniversary dates.
- [F2]If the twenty day average price is at $6.00 or greater during the second or third year following the transaction date, an additional 225,000 restricted stock units will vest in equal installments on each remaining anniversary of the transaction date.