PARTNERS TRUST FINANCIAL GROUP INC 4
4 · PARTNERS TRUST FINANCIAL GROUP INC · Filed Dec 3, 2007
Insider Transaction Report
Form 4
ZAPISEK JOHN R
Director
Transactions
- Disposition to Issuer
Non-Qualified Stock Option (right-to-buy)
2007-11-30$6.79/sh−37,054$251,597→ 40,568 totalExercise: $6.79Exp: 2012-10-10→ Common Stock (37,054 underlying) - Tax Payment
Common stock
2007-11-30$12.50/sh−4,217$52,713→ 56,486 total - Disposition to Issuer
Common stock
2007-11-30−56,486→ 0 total - Disposition to Issuer
Non-Qualified Stock Option (right-to-buy)
2007-11-30$9.98/sh−40,568$404,869→ 0 totalExercise: $9.98Exp: 2015-04-27→ Common Stock (40,568 underlying)
Footnotes (3)
- [F1]Disposed of pursuant to the merger agreement between issuer, M&T Bank Corporation and MTB One, Inc. pursuant to which each share is being exchanged, at the election of the holder, for either $12.50 in cash or 0.142 of a share of M&T Bank Corporation common stock, subject to proration and adjustment to ensure that the aggregate consideration in the merger will be paid 50% in cash and 50% in shares of M&T Bank Corporation common stock. On November 30, 2007, the effective date of the merger, the closing price per share of M&T Bank Corporation common stock was $90.96 per share.
- [F2]This option, which provided for vesting in 5 equal annual installments beginning 10/10/2003, was cancelled in the merger in exchange for a right to receive an amount in cash (less any applicable taxes to be deducted and withheld) equal to $211,578.34, representing the excess, if any, of $12.50 over the per share exercise price of the option times the number of shares of the issuer's common stock subject to the option.
- [F3]This option, which provided for vesting in 5 equal annual installments beginning 4/27/2006, was cancelled in the merger in exchange for a right to receive an amount in cash (less any applicable taxes to be deducted and withheld) equal to $102,231.36, representing the excess, if any, of $12.50 over the per share exercise price of the option times the number of shares of the issuer's common stock subject to the option.