Clark Richard Allen 4
4 · OTELCO INC. · Filed Mar 31, 2021
Insider Transaction Report
Form 4
OTELCO INC.OTEL
Clark Richard Allen
Chief Operating Officer
Transactions
- Exercise/Conversion
Employee Stock Option (right to buy)
2021-03-31−50,000→ 0 totalExercise: $16.97From: 2021-03-31Exp: 2021-03-31→ Class A common stock (50,000 underlying) - Exercise/Conversion
Employee Stock Option (right to buy)
2021-03-31−50,000→ 0 totalExercise: $9.22From: 2021-03-31Exp: 2021-03-31→ Class A common stock (50,000 underlying)
Footnotes (2)
- [F1]Converted pursuant to the Agreement and Plan of Merger dated as of July 26, 2020 (the "Merger Agreement"), by and among Otelco Inc., a Delaware corporation (the "Company"), Future Fiber FinCo, LLC, a Delaware limited liability company (f/k/a Future Fiber FinCo, Inc.) ("Parent"), and Olympus Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent.
- [F2]Pursuant to the Merger Agreement, each option to acquire the Company's Class A common stock (the "Company Option") outstanding as of immediately prior to the effective time of the merger, whether vested or unvested, was cancelled and converted into and became a right to receive an amount in cash, without interest, equal to (a) $11.75 (less the exercise price per share attributable to such Company Option) multiplied by (b) the total number of shares of Class A common stock issuable upon exercise in full of such Company Option (with Company Options whose exercise price was equal to or greater than $11.75 being cancelled for no consideration).