Hite Lawrence D 4

Accession 0001140361-11-016512

CIK 0000879703other

View on SEC.gov Company Profile

Filed

Mar 13, 8:00 PM ET

Accepted

Mar 14, 9:17 PM ET

Size

24.5 KB

Accession

0001140361-11-016512

Insider Transaction Report

Form 4

Period: 2008-12-01

DIRECT INSITE CORPDIRI.OB

Tall Oaks Group LLC

10% Owner

Transactions

Exercise/Conversion
Common Stock
2008-12-01$0.75/sh+100,000$75,000→ 259,000 total
Tax Payment
Common Stock
2008-12-01$0.94/sh−79,576$75,000→ 179,424 total
Award
Common Stock
2010-12-02$0.90/sh+11,136$10,000→ 90,395 total(indirect: Indirect)
Award
Common Stock
2010-12-02$0.98/sh+10,225$10,000→ 79,259 total(indirect: Indirect)
Exercise/Conversion
Stock Option (Right to Buy)
2008-12-01−100,000→ 0 total
Exercise: $0.75From: 2005-12-01Exp: 2008-12-01→ Common Stock (100,000 underlying)

Holdings

Common Stock
(indirect: Indirect)
2,315,790
Common Stock
(indirect: Indirect)
78,187

Hite Lawrence D

10% Owner

Transactions

Exercise/Conversion
Common Stock
2008-12-01$0.75/sh+100,000$75,000→ 259,000 total
Award
Common Stock
2010-12-02$0.98/sh+10,225$10,000→ 79,259 total(indirect: Indirect)
Exercise/Conversion
Stock Option (Right to Buy)
2008-12-01−100,000→ 0 total
Exercise: $0.75From: 2005-12-01Exp: 2008-12-01→ Common Stock (100,000 underlying)
Tax Payment
Common Stock
2008-12-01$0.94/sh−79,576$75,000→ 179,424 total
Award
Common Stock
2010-12-02$0.90/sh+11,136$10,000→ 90,395 total(indirect: Indirect)

Holdings

Common Stock
(indirect: Indirect)
2,315,790
Common Stock
(indirect: Indirect)
78,187

Footnotes (7)

[F1]Reflects 79,576 shares withheld by the Issuer at the market price of $0.9425 per share less an exercise price of $0.75 per share to fund the cashless exercise of 100,000 options.
[F2]The shares were issued directly to Metropolitan Venture Partners Corp. ("MetVP Corp.") in respect of board fees. The Reporting Person is the Chairman of the board of directors and is a shareholder of MetVP Corp., which is the general partner of Metropolitan Venture Partners (Advisors), L.P. ("MetVP Advisors"). The Reporting Person is a limited partner in MetVP Advisors, which is the general partner of Metropolitan Venture Partners II, L.P. ("MetVP II").
[F3]As a result of the foregoing, the Reporting Person may be deemed, pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended ("Exchange Act"), to beneficially and indirectly own the securities disclosed. Pursuant to Rule 16a-1(a)(4) under the Exchange Act, this filing shall not be deemed an admission that the Reporting Person, for purposes of Section 16 of the Exchange Act or otherwise, is the beneficial owner of the securities in excess of the amount of the Reporting Person's pecuniary interest therein, and the Reporting Person disclaims beneficial ownership of such shares.
[F4]Represents the aggregate amount of shares of Common Stock owned by MetVP Corp., including 69,034 shares of Common Stock that were issued to MetVP II for board fees earned by MetVP Corp. that will be assigned to MetVP Corp.
[F5]Represents the aggregate amount of shares of Common Stock owned by MetVP II, excluding 69,034 shares of Common Stock that were issued to MetVP II for board fees earned by MetVP Corp. that will be assigned to MetVP Corp.
[F6]Represents the aggregate amount of shares of Common Stock owned by Tall Oaks Group LLC ("Tall Oaks").
[F7]The Reporting Person is the Managing Member and holds a majority of the membership interests of Tall Oaks. As a result of the foregoing, the Reporting Person may be deemed, pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended ("Exchange Act"), to beneficially and indirectly own the securities disclosed. Pursuant to Rule 16a-1(a)(4) under the Exchange Act, this filing shall not be deemed an admission that the Reporting Person, for purposes of Section 16 of the Exchange Act or otherwise, is the beneficial owner of the securities in excess of the amount of the Reporting Person's pecuniary interest therein, and the Reporting Person disclaims beneficial ownership of such shares.

Documents

2 files

Issuer

DIRECT INSITE CORP

CIK 0000879703

→

Entity typeother

Related Parties

filerCIK 0001423758

Filing Metadata

Form type: 4
Filed: Mar 13, 8:00 PM ET
Accepted: Mar 14, 9:17 PM ET
Size: 24.5 KB

View on SEC.gov