BASSO DONALD V 4
4 · MAGELLAN PETROLEUM CORP /DE/ · Filed Jul 6, 2011
Insider Transaction Report
Form 4
BASSO DONALD V
Director
Transactions
- Award
COMMON STOCK
2011-07-01+15,000→ 77,900 total
Footnotes (5)
- [F1]Prior to July 1, 2011, the Company's non-employee director compensation policy ("Policy") provided for an annual stock award under Section 9 of the Company's 1998 Stock Incentive Plan ("Plan") with a value equal to $35,000 to be made to each non-employee director on either July 1, 2011 or the date of the annual shareholder meeting held during each Company fiscal year, subject to a cap of 15,000 shares (the difference in value between the shares and $35,000 to be in cash) ("Stock Award").
- [F2]On July 1, 2011, the Company's Board of Directors ("Board"), upon recommendation of the Compensation, Nominating and Governance Committee ("Committee"), amended the Policy to provide for either a Stock Award or a $35,000 cash award to exercise previously issued Company stock options under the Plan ("Cash Award"). To the extent that a Cash Award is elected by a director, the director must exercise options which are at least equal to the value of shares that would have been received had the director elected to receive a Stock Award (rounded up to the nearest whole option). Any difference between this amount and $35,000 is paid in cash.
- [F3]On July 1, 2011, the Board, upon recommendation of the Committee, approved the granting of either a Stock Award or a Cash Award to each of the eligible non-employee directors. Mr. Basso elected to receive a Stock Award.
- [F4]The fair market value of a share of the Company's common stock on July 1, 2011, was $1.68, calculated in accordance with the Plan.
- [F5]Amount reported does not include beneficial ownership of the shares subject to stock options held by the reporting person which have been previously reported in Table II.