Fisher Joseph G 4
4 · AFFIRMATIVE INSURANCE HOLDINGS INC · Filed Mar 21, 2011
Insider Transaction Report
Form 4
Fisher Joseph G
EVP, Sec. & General Counsel
Transactions
- Award
Common Stock, $0.01 par value (Restricted)
2011-03-18$2.15/sh+51,000$109,650→ 51,000 total
Holdings
- 88,000
Common Stock, $0.01 par value
Footnotes (4)
- [F1]The restricted stock granted to the Reporting Person must meet both performance and time-based vesting criteria before becoming vested awards. Subject to certain exceptions and conditions included in the restricted stock award agreement, one-third of the shares of restricted stock granted to the Reporting Person will vest if the Issuer's stock price reaches $5.00 per share by the 18-month anniversary of the Transaction Date, one-third of the shares of restricted stock granted to the Reporting Person will vest if the Issuer's stock price reaches $10.00 by the third anniversary of the Transaction Date and one-third of the shares of restricted stock granted to the Reporting Person will vest if the Issuer's stock price reaches $15.00 by the fourth anniversary of the Transaction Date. If the performance conditions referenced above have been met, then, on each of the five anniversaries of the Transaction Date, 20% of the shares of restricted stock granted to the Reporting Person will vest.
- [F2]Generally, vesting will not occur for any portion of the shares of restricted stock granted to the Reporting Person to the extent the stock price thresholds expressed in Footnote 1 have not been met.
- [F3]The Reporting Person has executed an irrevocable proxy in favor of a third-party with respect to the restricted stock grant reflected in this Report, such irrevocable proxy being subject to certain termination provisions set forth therein.
- [F4]Closing price for the Issuer's common stock on March 17, 2011, the trading day immediately preceding the date of the grant of the restricted stock reflected in this Report.