Brown Francis A 4
4 · SAVANNAH BANCORP INC · Filed Dec 17, 2012
Insider Transaction Report
Form 4
Brown Francis A
Director
Transactions
- Disposition to Issuer
Stock Option
2012-12-13−341→ 0 totalExercise: $11.25Exp: 2020-04-22→ Common Stock (341 underlying) - Award
Stock Option
2010-04-22+341→ 341 totalExercise: $11.25Exp: 2020-04-22→ Common Stock (341 underlying) - Disposition to Issuer
Stock Option
2012-12-13$0.72/sh−484$348→ 0 totalExercise: $8.74Exp: 2019-04-23→ Common Stock (484 underlying) - Disposition to Issuer
Common Stock
2012-12-13−18,550→ 0 total - Award
Stock Option
2009-04-23+484→ 484 totalExercise: $8.74Exp: 2019-04-23→ Common Stock (484 underlying)
Footnotes (3)
- [F1]Pursuant to the Agreement and Plan of Merger by and between the issuer and SCBT Financial Corporation ("SCBT"), dated as of August 7, 2012 (the "Merger Agreement"), each share of issuer common stock was converted into 0.2503 shares of SCBT common stock, for a total of 4,643 shares of SCBT common stock having a market value of $39.40 per share on the effective date of the merger.
- [F2]The option vested 25% on the grant date, 25% on the following July 1, 25% on the following October 1, and 25% on the following January 1.
- [F3]Pursuant to the Merger Agreement, each issuer stock option was converted into the right to receive a cash payment equal to the product of (i) the excess, if any, of (A) the closing price per share of issuer common stock immediately prior to the effective time of the merger ($9.46) over (B) the per-share exercise price of such issuer stock option and (ii) the number of shares of issuer common stock subject to such issuer stock option. In the event that the product obtained by the prior sentence was zero or a negative number, then the issuer stock option was cancelled for no consideration.