SWANTON NORMAN F 4
4 · WARREN RESOURCES INC · Filed Jun 14, 2010
Insider Transaction Report
Form 4
SWANTON NORMAN F
DirectorChairman & CEO
Transactions
- Exercise/Conversion
Restricted Stock Units
2010-06-10−27,136→ 54,272 totalExercise: $0.00From: 2010-06-10Exp: 2010-12-10→ Common Stock (27,136 underlying) - Exercise/Conversion
Common Stock
2010-06-10$2.99/sh+27,136$81,137→ 1,414,726 total
Footnotes (2)
- [F1]Each Restricted Stock Unit ("RSU") represents a contingent right to receive one (1) share of Warren Resources, Inc. common stock once vested. The RSUs granted on March 5, 2010 vest as follows: 1/4th on March 9, 2010; 1/4th on June 10, 2010; 1/4th on on September 10, 2010; and 1/4th on December 10, 2010
- [F2]Pursuant to the divorce Settlement Agreement with his ex-wife which was effective on April 12, 2010, Mr. Swanton agreed that a 50% beneficial ownership interest in his RSU's belongs to his ex-wife. Upon vesting of the RSUs, Mr. Swanton has agreed to pay his ex-wife a sum equal to the value of her share of the RSUs on the date that the vesting occurs, net of all costs, including federal and state taxes which he is required to pay as record owner of the RSU's and common stock issued upon their vesting.. Mr. Swanton will have voting rights to the issued shares of common stock upon vesting of the RSUs.