4//SEC Filing
PARALLEL PETROLEUM CORP 4
Accession 0001209191-09-049747
CIK 0000750561operating
Filed
Oct 25, 8:00 PM ET
Accepted
Oct 26, 4:14 PM ET
Size
14.2 KB
Accession
0001209191-09-049747
Insider Transaction Report
Form 4
OLDHAM LARRY
DirectorCEO and President
Transactions
- Disposition to Issuer
Common Stock, $.01 par value
2009-10-22$3.15/sh−233,590$735,809→ 0 total - Disposition to Issuer
Common Stock, $.01 par value
2009-10-22$3.15/sh−375,000$1,181,250→ 0 total(indirect: By Spouse) - Disposition to Issuer
Employee Stock Option (right to buy)
2009-10-22−37,500→ 0 totalExercise: $4.97From: 2002-01-05Exp: 2011-06-20→ Common Stock (37,500 underlying) - Disposition to Issuer
Employee Stock Option (right to buy)
2009-10-22−80,000→ 0 totalExercise: $20.91From: 2009-06-12Exp: 2018-06-12→ Common Stock (80,000 underlying) - Disposition to Issuer
Employee Stock Option (right to buy)
2009-10-22$1.15/sh−104,000$119,600→ 0 totalExercise: $2.00From: 2010-05-20Exp: 2019-05-20→ Common Stock (104,000 underlying)
Footnotes (4)
- [F1]Such shares were held by Oldham Properties, Ltd., a limited partnership. The general partner of Oldham Properties, Ltd. is Oldham, LLC, a limited liability company solely owned by the reporting person's spouse. The reporting person's spouse and two children are the sole limited partners. The reporting person disclaims beneficial ownership of the issuer's common stock that were held by his spouse through Oldham Properties, Ltd., except to the extent of his pecuniary interest therein.
- [F2]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 in exchange for a lump sum cash payment equal to $10.00.
- [F3]In accordance with the terms of the Merger, this option was canceled without any cash or other consideration being paid to Mr. Oldham.
- [F4]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 $119,600, 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.
Documents
Issuer
PARALLEL PETROLEUM CORP
CIK 0000750561
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0000750561
Filing Metadata
- Form type
- 4
- Filed
- Oct 25, 8:00 PM ET
- Accepted
- Oct 26, 4:14 PM ET
- Size
- 14.2 KB