RURAL CELLULAR CORP 4
4 · RURAL CELLULAR CORP · Filed May 31, 2007
Insider Transaction Report
Form 4
Bolland Anthony James
Director
Transactions
- Other
Restricted Stock Units
2007-05-29−1,298→ 0 total→ Class A Common (1,298 underlying) - Award
Restricted Stock Units
2007-05-29+1,298→ 1,298 total→ Class A Common (1,298 underlying)
Footnotes (3)
- [F1]Each restricted stock unit represents a contingent right to receive one share of Rural Cellular Corporation Class A common stock.
- [F2]The restricted stock units will vest in one year and the shares will be delivered to the director six months after the end of his service on the board.
- [F3]Mr. Bolland is the representative of Boston Ventures Limited Partnership V ("BVLPV") to the Issuer's Board of Directors pursuant to the terms of the Class M Redeemable Voting Convertible Preferred Stock Agreement. Since Mr. Bolland's position on the Board is as a nominee of BVLPV, the Issuer's Board of Directors has approved an assignment of the restricted stock units from Mr. Bolland to BVLPV, under the same terms and conditions as originally granted. As a general partner of Boston Ventures Management, Inc., an affiliate of BVLPV, Mr. Bolland has an indirect ownership in the shares of Issuer's stock held by BVLPV.