4//SEC Filing
Raymond Charles G 4
Accession 0001209191-09-014553
CIK 0001302707other
Filed
Mar 5, 7:00 PM ET
Accepted
Mar 6, 5:13 PM ET
Size
9.6 KB
Accession
0001209191-09-014553
Insider Transaction Report
Form 4
Raymond Charles G
DirectorChairman, President and CEO
Transactions
- Other
Common Stock, par value $0.01 per share
2009-03-06−125,000→ 713,442 total - Other
Prepaid Variable Share Forward Contract
2009-03-06−125,000→ 0 totalExp: 2009-03-06→ Common Stock (125,000 underlying)
Footnotes (2)
- [F1]On March 6, 2009 (the "Settlement Date"), the Reporting Person settled the remaining half of his obligation to deliver 250,000 shares of the issuer's common stock, par value $0.01 ("Common Stock") pursuant to a prepaid variable forward purchase contract (the "PVF Contract") entered into on November 17, 2006 (the "Trade Date") with an unrelated third party (the "Buyer"). The PVF Contract obligated the Reporting Person to deliver up to 250,000 shares of Common Stock in two tranches upon the maturity of the PVF Contract. The first tranche was settled on February 25, 2009. In exchange for pledging or agreeing to deliver 125,000 shares, the Reporting Person received a cash payment of $2,639,831.85 within three business days of the November 17, 2006 Trade Date. The Reporting Person pledged the Common Stock to secure his obligations under the PVF Contract.
- [F2](continuation of footnote 1) During the term of the PVF Contract, and prior to delivering the pledged Common Stock, the Reporting Person retained voting and dividend rights in the Common Stock. The PVF Contract provided that if the market-price of the issuer's Common Stock was less than or equal to a floor price of $26.8651 per share on the Settlement Date, then the Reporting Person was to deliver 125,000 shares of Common Stock to the Buyer. On the Settlement Date, the market-price of the issuer's Common Stock pursuant to the PVF Contract was $2.90. More information with respect to the PVF Contract is set forth on a Form 4 filed by the Reporting Person with the Securities and Exchange Commission on November 21, 2006 and is incorporated herein by reference. Information with respect to the tranche one settlement terms is set forth on a Form 4 filed by the Reporting Person with the Securities and Exchange Commission on February 27, 2009.
Documents
Issuer
Horizon Lines, Inc.
CIK 0001302707
Entity typeother
Related Parties
1- filerCIK 0001339229
Filing Metadata
- Form type
- 4
- Filed
- Mar 5, 7:00 PM ET
- Accepted
- Mar 6, 5:13 PM ET
- Size
- 9.6 KB