STEC, INC. 4
4 · STEC, INC. · Filed Sep 16, 2013
Insider Transaction Report
Form 4
STEC, INC.STEC
MOSHAYEDI MANOUCH
DirectorChief Executive Officer
Transactions
- Disposition to Issuer
Common Stock
2013-09-12$6.85/sh−2,453,742$16,808,133→ 0 total(indirect: By Trust) - Disposition to Issuer
Stock Option (Right to Buy)
2013-09-12−523,241→ 0 totalFrom: 2013-09-12→ Common Stock (523,241 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"), and these shares of common stock of the Issuer were automatically cancelled and converted into the right to receive $6.85 per share in cash (the "Merger Consideration").
- [F2]These options, which were fully vested or accelerated to fully vest at the Effective Time, had exercise prices greater than the Merger Consideration, and were converted into options (similarly out of the money) to purchase shares of WDC common stock at the Effective Time. Given that Mr. Moshayedi's employment with the Issuer was terminated immediately prior to the Effective Time, he will only have 90 days after the Effective Time to exercise these substituted options.