HANSEN JAMES 4

4 · CIPRICO INC · Filed Dec 12, 2006

Form 4

Period: 2006-02-24

Interim CEO

Transactions

Disposition to Issuer
Common Stock
2006-12-11−25,000→ 71,656 total
Award
Employee Stock Option
2006-12-11+37,500→ 37,500 total
Exercise: $4.65Exp: 2010-10-05→ Common Stock (37,500 underlying)
Disposition to Issuer
Employee Stock Option
2006-12-11−37,500→ 0 total
Exercise: $4.65Exp: 2009-10-05→ Common Stock (37,500 underlying)
Award
Common Stock
2006-02-24$5.79/sh+25,000$144,750→ 96,656 total
Disposition to Issuer
Employee Stock Option
2006-12-11−12,500→ 37,500 total
Exercise: $4.65Exp: 2009-10-05→ Common Stock (50,000 underlying)
Disposition to Issuer
Director Stock Option (Right to Buy)
2006-12-11−5,000→ 0 total
Exercise: $7.63From: 2002-04-06Exp: 2008-04-06→ Common Stock (5,000 underlying)

Holdings

Director Stock Option (Right to Buy)
Exercise: $5.68From: 2005-01-23Exp: 2011-01-23→ Common Stock (3,000 underlying)
3,000
Employee Stock Option
Exercise: $4.80From: 2005-04-28Exp: 2009-04-28→ Common Stock (25,000 underlying)
25,000
Director Stock Option (Right to Buy)
Exercise: $6.00From: 2003-01-24Exp: 2009-01-23→ Common Stock (6,000 underlying)
6,000

Footnotes (3)

[F1]Exercisable 25% per year during second through fifth years after initial grant date.
[F2]As Mr. Hansen was the principal catalyst in recruiting a new CEO for the Company, Mr. Hansen has voluntarily agreed to changes in his Employment Agreement and has voluntarily agreed to cancel 25,000 shares of Restricted Stock and also agreed to cancel options for 5,000 shares currently exercisable along with 12,500 of options currently unexercisable. In consideration of the cancellation of the foregoing, the expiration date on the remaining 37,500 options was extended for one year.
[F3]The amendment of the outstanding option results in a deemed cancellation of option and grant of replacement option because the expiration date was extended for one year.

Documents

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