4//SEC Filing
SUFFOLK BANCORP 4
Accession 0001140361-17-014583
CIK 0000754673operating
Filed
Apr 3, 8:00 PM ET
Accepted
Apr 4, 2:15 PM ET
Size
14.3 KB
Accession
0001140361-17-014583
Insider Transaction Report
Form 4
SUFFOLK BANCORPSCNB
DANOWSKI JAMES E
Director
Transactions
- Disposition to Issuer
Suffolk Bancorp Option
2017-04-01−1,667→ 0 totalExercise: $18.14From: 2014-08-06Exp: 2023-08-06→ Suffolk Bancorp Common Stock (1,667 underlying) - Disposition to Issuer
Suffolk Bancorp Option
2017-04-01−1,667→ 0 totalExercise: $18.14From: 2015-08-06Exp: 2023-08-06→ Suffolk Bancorp Common Stock (1,667 underlying) - Disposition to Issuer
Suffolk Bancorp Common Stock
2017-04-01−40,715.162→ 0 total - Disposition to Issuer
Suffolk Bancorp Option
2017-04-01−1,666→ 0 totalExercise: $18.14From: 2016-08-06Exp: 2023-08-06→ Suffolk Bancorp Common Stock (1,666 underlying)
Footnotes (2)
- [F1]Disposed of pursuant to the Agreement and Plan of Merger, dated as of June 26, 2016 (the "Merger Agreement"), by and between Suffolk Bancorp ("Suffolk") and People's United Financial, Inc. ("People's United"), in exchange for 2.225 shares of common stock of People's United ("People's United Common Stock") per share of common stock of Suffolk ("Suffolk Common Stock"), having a market value per share of Suffolk of $40.495 (based on the value of 2.225 shares of People's United Common Stock at the close of trading on March 31, 2017, the closing date of the merger), with cash payable in lieu of any fractional shares.
- [F2]Pursuant to the Merger Agreement, each option granted by Suffolk to purchase shares of Suffolk Common Stock whether vested or unvested, that was outstanding and unexercised immediately prior to the effective time of the merger fully vested and was cancelled and converted automatically into the right to receive a number of shares of People's United Common Stock equal to the quotient of (i) the product of (A) the number of shares of Suffolk Common Stock subject to such option multiplied by (B) the excess, if any, of the Per Share Stock Consideration (as defined below) over the exercise price per share of Suffolk Common Stock of such option, divided by (ii) $18.088, which is the average closing-sale price of People's United Common Stock for the five full trading days ending on the trading day immediately preceding March 31, 2017 (the closing date of the merger), with cash payable in lieu of any fractional shares. "Per Share Stock Consideration" means $40.2458.
Documents
Issuer
SUFFOLK BANCORP
CIK 0000754673
Entity typeoperating
IncorporatedNY
Related Parties
1- filerCIK 0000754673
Filing Metadata
- Form type
- 4
- Filed
- Apr 3, 8:00 PM ET
- Accepted
- Apr 4, 2:15 PM ET
- Size
- 14.3 KB