4//SEC Filing
KRUEGER ERNIE R 4
Accession 0001209191-07-000375
CIK 0000036506other
Filed
Jan 2, 7:00 PM ET
Accepted
Jan 3, 1:24 PM ET
Size
6.9 KB
Accession
0001209191-07-000375
Insider Transaction Report
Form 4
KRUEGER ERNIE R
Executive Vice President & CFO
Transactions
- Award
Stock Option (right to buy)
2006-12-15+2,000→ 4,000 totalExercise: $10.65From: 2006-12-15Exp: 2016-12-15→ Common Stock (2,000 underlying)
Footnotes (2)
- [F1]As previously reported, on November 16, 2005, the reporting person was granted the option to purchase 10,000 shares of Common Stock. The option vests in 5 equal installments. The first installment vested immediately upon the date of grant resulting in vesting of the option as to 2,000 shares. The remaining option vests in equal annual installments based upon Mackinac Financial Corporation's satisfaction of certain performance criteria for each of the fiscal years ending 2006, 2007, 2008, and 2009.
- [F2]On December 15, 2006, the reporting person was granted an option to purchase 10,000 shares of common stock. The option vests in 5 equal installments. The first installment vested immediately upon the date of grant resulting in vesting of the option as to 2,000 shares. The remaining 80% of the original option becomes exercisable in 20% increments when the closing price of the Common Stock equals a specified multiple of the initial exercise prices for a period of 10 consecutive trading days as follows: 1.15 times after 12/15/07, 1.30 times after 12/15/08, 1.45 times after 12/15/09, and 1.45 times after 12/15/10.
Documents
Issuer
MACKINAC FINANCIAL CORP /MI/
CIK 0000036506
Entity typeother
Related Parties
1- filerCIK 0001273911
Filing Metadata
- Form type
- 4
- Filed
- Jan 2, 7:00 PM ET
- Accepted
- Jan 3, 1:24 PM ET
- Size
- 6.9 KB