KROMER JAMES C 4
4 · TRI VALLEY CORP · Filed Jul 19, 2011
Insider Transaction Report
Form 4
KROMER JAMES C
Vice President, Operations
Transactions
- Disposition to Issuer
Stock Option (right to buy)
2011-07-15+100,000→ 0 totalExercise: $1.23Exp: 2014-05-18→ Common Stock (100,000 underlying) - Award
Warrant (right to buy)
2011-07-15+75,000→ 75,000 totalExercise: $0.58From: 2011-07-23Exp: 2014-07-23→ Common Stock (75,000 underlying)
Footnotes (3)
- [F1]The Stock Option was subject to vesting in seven 6-month installments, commencing as of May 18, 2009.
- [F2]Pursuant to the Executive Retirement Agreement and General Release, dated July 15, 2011, between Tri-Valley Corporation and the reporting person, the reporting person consented to the forfeiture of all his outstanding Company issued stock options, in exchange for a three-year Warrant to purchase 75,000 shares of Company common stock at a purchase price of $0.58 per share, the closing price of the common stock on July 15, 2011, as reported on the NYSE Amex.
- [F3]The reporting person's resignation was effective as of July 15, 2011, subject to a seven-day "cooling off" period, during which period the reporting person shall have the right to revoke his resignation and be restored to all positions with the Company. The Warrant becomes exercisable upon the expiration of the seven-day cooling off period.