4//SEC Filing
LNB BANCORP INC 4
Accession 0001209191-15-067333
CIK 0000737210operating
Filed
Aug 20, 8:00 PM ET
Accepted
Aug 21, 3:03 PM ET
Size
17.0 KB
Accession
0001209191-15-067333
Insider Transaction Report
Form 4
LNB BANCORP INCLNBB
KLIMAS DANIEL E
President and CEO
Transactions
- Disposition to Issuer
LNB Bancorp, Inc. Common Stock
2015-08-14−71,759.339→ 0 total - Disposition to Issuer
Stock Option (Right to Buy)
2015-08-14−33,333→ 0 totalExercise: $9.07Exp: 2023-05-09→ Common Shares (33,333 underlying) - Disposition to Issuer
LNB Bancorp, Inc. Common Stock
2015-08-14−15,094→ 0 total(indirect: By 401(k)) - Disposition to Issuer
Stock Option (Right to Buy)
2015-08-14−30,000→ 0 totalExercise: $16.00Exp: 2017-02-01→ Common Shares (30,000 underlying) - Disposition to Issuer
Stock Option (Right to Buy)
2015-08-14−35,000→ 0 totalExercise: $11.03Exp: 2024-05-20→ Common Shares (35,000 underlying) - Disposition to Issuer
Stock Option (Right to Buy)
2015-08-14−50,000→ 0 totalExercise: $14.47Exp: 2018-02-04→ Common Shares (50,000 underlying)
Footnotes (5)
- [F1]Under the Agreement and Plan of Merger ("Merger Agreement"), dated December 15, 2014, between Northwest Bancshares, Inc. ("Northwest") and LNB Bancorp, Inc. ("LNB"), the holder has the right to elect to receive consideration of either 1.461 shares of Northwest common stock or $18.70 in cash for each LNB common share, subject to proration to ensure that, in the aggregate, 50% of LNB's common shares will be converted into Northwest stock. No fractional shares of Northwest common stock will be issued, and the cash in lieu amount will be determined by multiplying such fractional share amount by $12.66. As of the date of this Form 4, the calculations related to the election and proration procedures set forth in the Merger Agreement have not been completed. Accordingly, it is not possible at this time to determine the form of merger consideration to be received by the Reporting Person.
- [F2]This option, which provided for vesting in three equal annual installments beginning February 1, 2007, was exchanged in the merger for a cash payment of $81,000 representing the difference between $18.70 and the exercise price of such LNB stock option.
- [F3]This option, which provided for vesting in three equal annual installments beginning February 4, 2009, was exchanged in the merger for a cash payment of $211,500 representing the difference between $18.70 and the exercise price of such LNB stock option.
- [F4]This option, which provided for vesting in three equal annual installments beginning May 9, 2014, was exchanged in the merger for a cash payment of $320,997 representing the difference between $18.70 and the exercise price of such LNB stock option.
- [F5]This option, which provided for vesting in three equal annual installments beginning May 20, 2015, was exchanged in the merger for a cash payment of $268,450 representing the difference between $18.70 and the exercise price of such LNB stock option.
Documents
Issuer
LNB BANCORP INC
CIK 0000737210
Entity typeoperating
IncorporatedOH
Related Parties
1- filerCIK 0000737210
Filing Metadata
- Form type
- 4
- Filed
- Aug 20, 8:00 PM ET
- Accepted
- Aug 21, 3:03 PM ET
- Size
- 17.0 KB