SULLIVAN MARY W 4
4 · FIRST FRANKLIN CORP · Filed Mar 17, 2011
Insider Transaction Report
Form 4
SULLIVAN MARY W
Director
Transactions
- Disposition to Issuer
Common Stock
2011-03-16$14.50/sh−1,500$21,750→ 0 total(indirect: By Spouse) - Disposition to Issuer
Common Stock
2011-03-16−1,500→ 0 totalExercise: $13.73From: 2004-01-20Exp: 2013-03-01→ Common Stock (1,500 underlying) - Disposition to Issuer
Common Stock
2011-03-16$14.50/sh−1,875$27,188→ 0 total
Footnotes (2)
- [F1]Disposed of in connection with the merger of First Fanklin Corporation ("First Franklin") with and into Cheviot Merger Subsidiary, Inc. ("Merger Sub"), a wholly-owned subsidiary of Cheviot Financial Corp. ("Cheviot"), which became effective on March 16, 2011 (the "Effective Date"). In accordance with the terms of the Agreement and Plan of Merger, dated October 12, 2010, among (i) Cheviot, Merger Sub and Cheviot Savings Bank and (ii) First Franklin and The Franklin Savings and Loan Company (the "Merger Agreement"), each share of First Franklin common stock held by the reporting person will be converted into the right to receive $14.50 (the "Merger Consideration") on the Effective Date.
- [F2]Pursuant to the Merger Agreement, this option was canceled on the Effective Date in exchange for a cash payment equal to the difference between the exercise price of the option and the Merger Consideration.