STEC, INC. 4
4 · STEC, INC. · Filed Sep 16, 2013
Insider Transaction Report
Form 4
STEC, INC.STEC
DALY KEVIN
Director
Transactions
- Disposition to Issuer
Stock Option (Right to Buy)
2013-09-12−33,750→ 0 totalFrom: 2013-09-12→ Common Stock (33,750 underlying)
Footnotes (2)
- [F1]Pursuant to the Agreement and Plan of Merger, dated as of June 23, 2013 (the "Merger Agreement"), by and among sTec, Inc. (the "Issuer"), Western Digital Corporation ("WDC") and Lodi Ventures, Inc. ("Merger Sub"), on September 12, 2013 (the "Effective Time"), Merger Sub merged with and into the Issuer (the "Merger"). These options, which were fully vested or accelerated to fully vest at the Effective Time, had exercise prices greater than $6.85 per share (the "Merger Consideration"), and were converted into options (similarly out of money) to purchase shares of WDC common stock at the Effective Time. Given that Mr. Daly's board service with the Issuer was terminated immediately prior to the Effective Time, he will only have 12 months after the Effective Time to exercise these substituted options.
- [F2]These options, which were fully vested or accelerated to fully vest at the Effective Time, had exercise prices greater than $6.85 per share (the "Merger Consideration"), and were converted into options (similarly out of money) to purchase shares of WDC common stock at the Effective Time. Given that Mr. Daly's board service with the Issuer was terminated immediately prior to the Effective Time, he will only have 12 months after the Effective Time to exercise these substituted options.