Hughes Gerald T 4
4 · SCHOOL SPECIALTY INC · Filed Apr 4, 2012
Insider Transaction Report
Form 4
Hughes Gerald T
Chief Administrative Officer
Transactions
- Award
Common Stock
2012-04-02+20,000→ 20,000 total - Award
Non-qualified stock option (right to buy)
2012-04-02$3.53/sh+100,000$353,000→ 100,000 totalExercise: $3.53Exp: 2022-04-02→ Common Stock (100,000 underlying) - Award
Non-qualified stock option (right to buy)
2012-04-02$3.53/sh+40,000$141,200→ 40,000 totalExercise: $3.53Exp: 2022-04-02→ Common Stock (24,000 underlying)
Footnotes (3)
- [F1]Grant of restricted stock under the School Specialty, Inc. 2002 Equity Incentive Plan (the "2002 Plan"). One-third of the shares will vest on each of the first three anniversaries of the grant date.
- [F2]Option granted as an inducement to Reporting Person's acceptance of the Company's offer of employment. One-fourth of the underlying shares will become exercisable on each of the first, second, third and fourth anniversaries of the grant date.
- [F3]Option granted as an inducement to Reporting Person's acceptance of the Company's offer of employment. Following purchase of a number of shares of the Company's common stock with an aggregate purchase price of at least $150,000, the option will vest with respect to one-fourth of the shares subject to the option on the date the average of the average daily high and low sales prices of a share of the Company's common stock during any 30 consecutive trading day period equals or exceeds $5.00 per share, and another one-fourth of which will vest on each of the dates the average trading price equals or exceeds $10.00, per share, $15.00 per share and $20.00 per share, subject to their continued employment. Furthermore, these options may not be exercised before the first anniversary of the date of grant and may not be exercised with respect to more than one-third of the shares subject to the option on each of the first three anniversaries of the date of grant.