4//SEC Filing
BITTNER DENNIS 4
Accession 0001209191-06-002145
CIK 0000036506other
Filed
Jan 4, 7:00 PM ET
Accepted
Jan 5, 5:18 PM ET
Size
6.7 KB
Accession
0001209191-06-002145
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.
Documents
Issuer
MACKINAC FINANCIAL CORP /MI/
CIK 0000036506
Entity typeother
Related Parties
1- filerCIK 0001242411
Filing Metadata
- Form type
- 4
- Filed
- Jan 4, 7:00 PM ET
- Accepted
- Jan 5, 5:18 PM ET
- Size
- 6.7 KB