Schipper Katherine 4
4 · TIER TECHNOLOGIES INC · Filed Apr 18, 2011
Insider Transaction Report
Form 4
Schipper Katherine
Director
Transactions
- Award
Restricted Stock Units
2011-04-14+9,000→ 9,000 totalFrom: 2012-04-14Exp: 2012-04-14→ Common Stock (9,000 underlying)
Footnotes (2)
- [F1]Each restricted stock unit represents the right to receive a payment of cash equivalent to the fair market value of a share of Tier common stock as of the first anniversary of the date of grant, unless the reporting person ceases to be a member of Tier's board of directors or an employee of Tier before that date, in which case the reporting person will be entitled to receive a cash payment that is prorated based upon the number of days the reporting person served as a board member or employee of Tier during the one year period following the date of grant.
- [F2]Payment will be made to the reporting person within thirty (30) days of the earlier of (i) the date the reporting person ceases to be either a member of Tier's board of directors or an employee of Tier and (ii) the first anniversary of the date of grant.