Tennessee Commerce Bancorp, Inc. 4
4 · Tennessee Commerce Bancorp, Inc. · Filed Jan 22, 2009
Insider Transaction Report
Form 4
Sapp Michael R
DirectorPresident
Transactions
- Award
Employee Stock Option (right to buy)
2009-01-20+50,000→ 50,000 totalExercise: $5.85Exp: 2019-01-19→ Common Stock (50,000 underlying)
Footnotes (1)
- [F1]The option vests in five equal installments beginning on December 31, 2009 and each December 31st of the four years thereafter. During the first quarter of each calendar year for which a portion of the option vests, the Compensation Committee shall impose performance goals that must be met with respect to 80% of the shares that would otherwise become exercisable in that year; if such performance goals are not met, only the 20% of shares that are not subject to the performance goals shall become exercisable, provided that the reporting person remains employed by the Issuer as of December 31 of such year.