RANCHER ENERGY CORP. 4
4 · RANCHER ENERGY CORP. · Filed Apr 23, 2007
Insider Transaction Report
Form 4
Works John
DirectorPresident and CEO
Transactions
- Purchase
Common Stock
2007-04-19+750,000→ 0 total - Exercise of In-Money
Stock Option (Right to Buy)
2006-06-01+3,000,000→ 0 total→ Common Stock (3,000,000 underlying) - Exercise of In-Money
Stock Option (Right to Buy)
2007-04-19−750,000→ 2,250,000 total→ Common Stock (750,000 underlying) - Gift
Common Stock
2007-04-19−25,000→ 0 total(indirect: As custodian for son.)
Footnotes (4)
- [F1]Securities acquired at price of $0.00001 per share, and exercise price of stock option is $0.00001 per share.
- [F2]Represents transfer of shares to son under Uniform Gifts to Minors Act.
- [F3]The right to buy shares is governed by the employment agreement between Mr. Works and the Company and vest as follows: 1,000,000 shares upon the execution of the agreement, 1,000,000 shares from June 1, 2006 to May 31, 2007 at the rate of 250,000 shares per completed quarter of service, 1,000,000 shares from June 1, 2007 to May 31, 2008 at the rate of 250,000 shares per completed quarter of service and 1,000,000 shares from June 1, 2008 to May 31, 2009 at the rate of 250,000 shares per completed quarter of service.
- [F4]Expiration of the stock options is governed by the employment agreement which states that in the event of termination for cause, Mr. Works will forfeit any right or interest in any shares not yet vested. In the event of Mr. Works' death, the legal representative shall have the right, up to one year, to purchase the shares that have vested.