Zendan Michael F II 4
4 · Horizon Lines, Inc. · Filed Jul 27, 2012
Insider Transaction Report
Form 4
Zendan Michael F II
SVP, General Counsel
Transactions
- Award
Restricted Stock Unit
2012-07-25+375,000→ 375,000 total→ Common Stock, par value (375,000 underlying)
Footnotes (2)
- [F1]Each restricted stock unit entitles the executive to receive one share of HRZ common stock or up to half of the restricted stock units may be settled in cash in lieu of common stock in the discretion of the compensation committee. Each restricted stock unit entitles the executive to recevie cash equal to the amount of any dividend equivalents credited to such restricted stock.
- [F2]Up to 37,500 restricted stock units will vest on March 31, 2013, 75,000 will vest on March 31, 2014 and 75,000 will vest on March 31, 2015 if certain performance conditions are met by the issuer on those dates; and 37,500 restricted stock units will vest on March 31, 2013, 75,000 will vest on March 31, 2014 and 75,000 will vest on March 31, 2015, based solely on continued employment by the executive on those dates.