PARALLEL PETROLEUM CORP 4
4 · PARALLEL PETROLEUM CORP · Filed Oct 26, 2009
Insider Transaction Report
Form 4
FOSTER STEVEN D
Chief Financial Officer
Transactions
- Disposition to Issuer
Common Stock, $.01 par value
2009-10-22$3.15/sh−1,600$5,040→ 0 total - Disposition to Issuer
Employee Stock Option (right to buy)
2009-10-22$1.15/sh−52,000$59,800→ 0 totalExercise: $2.00From: 2010-05-20Exp: 2019-05-20→ Common Stock (52,000 underlying) - Disposition to Issuer
Common Stock, $.01 par value
2009-10-22$3.15/sh−9,000$28,350→ 0 total(indirect: By SEP Plan) - Disposition to Issuer
Common Stock, $.01 par value
2009-10-22$3.15/sh−400$1,260→ 0 total(indirect: By Spouse) - Disposition to Issuer
Employee Stock Option (right to buy)
2009-10-22−40,000→ 0 totalExercise: $20.91From: 2009-06-12Exp: 2018-06-12→ Common Stock (40,000 underlying)
Footnotes (2)
- [F1]In connection with the transactions contemplated by an Agreement and Plan of Merger, dated as of September 15, 2009, by and among Parallel Petroleum Corporation, PLLL Acquisition Co. and PLLL Holdings, LLC, as amended by Amendment No. 1 to Agreement and Plan of Merger, dated as of October 13, 2009 (the "Merger"), this option was canceled without any consideration being paid to Mr. Foster.
- [F2]In accordance with the terms of the Merger, this option, which provided for vesting in four equal annual installments beginning May 20, 2010, was canceled in exchange for a cash payment of $59,800, representing the difference between the exercise price of the option and the offer price of $3.15, multiplied by the aggregate number of shares into which the option was exercisable.