TBC CORP 4
4 · TBC CORP · Filed Jun 9, 2005
Insider Transaction Report
Form 4
TBC CORPTBCC
MCSTAY RICHARD A
Director
Transactions
- Award
Common Stock
2005-06-07+386→ 33,031 total - Award
Stock Option (right to buy)
2005-06-07+1,544→ 1,544 totalExercise: $25.91From: 2006-06-07→ Common Stock (1,544 underlying)
Footnotes (3)
- [F1]Under the TBC Corporation 1989 Stock Incentive Plan (the "Plan"), each non-employee director of the Company is automatically granted, on the date of each Annual Meeting of Stockholders, shares of restricted stock having an aggregate fair market value of $10,000 based upon the closing price of the Company's Common Stock on the date of the Annual Meeting. The director is concurrently granted an option giving him the right to buy four times the number of restricted shares that he was granted. The option expires in one-third increments as the restricted stock vests, and the exercise of any portion of the option will cause the forfeiture of the associated restricted stock. The exercise of the option is also subject to certain conditions stated in the Plan.
- [F2]Mr. McStay also has indirect beneficial ownership of 1,518 shares of TBC Common Stock owned by his wife.
- [F3]The option expires in three equal annual installments beginning on June 7, 2008.