Patterson Lewis Brooks 4
4 · MACKINAC FINANCIAL CORP /MI/ · Filed Jan 3, 2007
Insider Transaction Report
Form 4
Patterson Lewis Brooks
Director
Transactions
- Award
Stock Option (right to buy)
2006-12-15+2,000→ 2,000 totalExercise: $10.65From: 2006-12-15Exp: 2016-12-15→ Common Stock (2,000 underlying)
Footnotes (1)
- [F1]On December 15, 2006, 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 12/15/07. 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 12/15/08.