Marinello Leonard 4
4 · Sun American Bancorp · Filed Apr 10, 2009
Insider Transaction Report
Form 4
Marinello Leonard
Director
Transactions
- Conversion
Series A Preferred Shares
2009-04-08$4.00/sh−25,000$100,000→ 0 totalExercise: $0.26→ Common Stock (384,615 underlying) - Conversion
Common Stock
2009-04-08$0.26/sh+384,615$100,000→ 453,746 total
Footnotes (3)
- [F1]The shares are jointly held by the reporting person and his spouse.
- [F2]The shares of common stock were acquired upon the conversion of 25,000 shares of the registrant's Series A Non-Cumulative Perpetual Preferred Stock ("Preferred Stock") at a conversion price of $0.26 per share of common stock. On April 7, 2009, the issuer amended its certificate of designations of the Preferred Stock to provide that the shares of the Preferred Stock may be converted into shares of the common stock of the issuer.
- [F3]The Preferred Stock was convertible into common stock effective April 7, 2009 at a conversion price of $0.26 per common share and had no expiration date.