BITTNER DENNIS 4
4 · MACKINAC FINANCIAL CORP /MI/ · Filed Jan 5, 2006
Insider Transaction Report
Form 4
BITTNER DENNIS
Director
Transactions
- Award
Stock Option (right to buy)
2005-11-16+2,000→ 2,325 totalExercise: $11.50From: 2005-11-16Exp: 2015-11-16→ Common Stock (2,000 underlying)
Footnotes (2)
- [F1]As a result of the 20 to 1 reverse stock split consummated on December 15, 2005, the 6,500 stock options previously reported and held by the reporting person on that date were reduced to 325.
- [F2]On November 16, 2005, the reporting person was granted the option to purchase 10,000 shares of Common Stock. The option vests in 4 installments with the initial installment of 20% vesting immediately on the date of grant, resulting in the vesting of the option as to 2,000 shares. Of the remaining option, 27% of the original becomes exercisable when the closing price of the Common Stock equals 1.15 times the initial exercise price for a period of 10 consecutive trading days. Another 27% of the original option becomes exercisable when the closing price of the Common Stock equals 1.30 times the initial exercise price for a period of 10 consecutive trading days after 11/16/06. The remaining 26% of the original option becomes exercisable when the closing price of the Common Stock equals 1.45 times the initial exercise price for a period of 10 consecutive trading days after 11/16/06.