DUFFEY SAMUEL S 4
4 · BIOVEST INTERNATIONAL INC · Filed Aug 20, 2010
Insider Transaction Report
Form 4
BIOVEST INTERNATIONAL INCBVTI.OB
DUFFEY SAMUEL S
PRESIDENT & GENERAL COUNSEL
Transactions
- Award
Stock Option (Right to Buy)
2009-02-24+1,500,000→ 1,500,000 totalExercise: $0.06Exp: 2019-02-24→ Common Stock (1,500,000 underlying) - Award
Stock Option (Right to Buy)
2010-02-22+3,000,000→ 3,000,000 totalExercise: $0.69Exp: 2010-02-22→ Common Stock (3,000,000 underlying)
Footnotes (5)
- [F1]Exercise price is 100% of fair market value on date of grant.
- [F2]The options shall vest in three equal tranches: (a) one-third on the date of confirmation of the Issuer's Bankruptcy Plan of Reorganization; (b) one-third on the 90th after the date of confirmation of the Issuer's Bankruptcy Plan of Reorganization; and (c) one-third on the 180th after the date of confirmation of the Issuer's Bankruptcy Plan of Reorganization. Shares underlying the options are restricted as to resale until the 12- month anniversary of the effective date of the Issuer's Bankruptcy Plan of Reorganization.
- [F3]The option shall become 100% vested upon effective date of the Issuer's Bankruptcy Plan of Reorganization and the first to occur of a) six (6) months following the closing of a capital raise by the Issuer's with gross proceeds of a minimum of $5.0 million; or b) two (2) years from the effective date of the Issuer's Bankruptcy Plan. Shares underlying the options are restricted as to resale until the 12- month anniversary of the effective date of the Issuer's Bankruptcy Plan of Reorganization.
- [F4]Options terminate 10 years from grant date, or 90 days after the employee ceases to be employed by the Issuer for any reason, other than death, disability or retirement.
- [F5]Stock options acquired pursuant to the Issuer's plan of compensation for Employees.