SUMMIT FINANCIAL SERVICES GROUP INC 4
4 · SUMMIT FINANCIAL SERVICES GROUP INC · Filed Jan 19, 2010
Insider Transaction Report
Form 4
LEEDS MARSHALL T
DirectorChief Executive Officer10% Owner
Transactions
- Award
Stock Option (right to buy)
2010-01-14+2,800,000→ 2,800,000 totalExercise: $0.50From: 2010-01-14Exp: 2019-12-31→ Common Stock (2,800,000 underlying) - Other
Stock Option (right to buy)
2010-01-14−5,600,000→ 0 totalExercise: $0.25Exp: 2012-03-22→ Common Stock (5,600,000 underlying) - Award
Deferred Stock
2010-01-14+2,800,000→ 2,800,000 total→ Common Stock (2,800,000 underlying)
Footnotes (4)
- [F1]Represents options that were cancelled, in consideration, in part, for the issuance of options and deferred stock, as reported above. The options vested immediately upon issuance, in part, for services rendered by the reporting person as an officer and director of the Issuer.
- [F2]Issued subject to shareholder approval of amendments to the Issuer's 2006 Incentive Compensation Plan (the "Plan"), to increase, among other things, the number of shares of Common Stock underlying the Plan. The options and the Deferred Stock were issued in consideration, in part, for the cancellation of the options described in note (1) above.
- [F3]The options are immediately exercisable upon shareholder approval of the amendments to the Plan, as described above.
- [F4]The Deferred Stock represents a contingent right to receive an equal number of shares of Common Stock. The Deferred Stock will vest ratably over a period of seven years. The Shares of Common Stock will be delivered to the reporting person upon the earlier to occur of: (i) December 31, 2019; (ii) change in control of the Issuer; or (iii) under certain circumstances, the reporting person's termination of employment with the Issuer.