CROSS DEWAIN K 4
4 · CIRCOR INTERNATIONAL INC · Filed Mar 6, 2007
Insider Transaction Report
Form 4
CROSS DEWAIN K
Director
Transactions
- Exercise/Conversion
Common Stock
2007-03-05+1,727→ 10,488 total - Exercise/Conversion
Restricted Stock Units
2007-03-05−1,727→ 0 total→ Common Stock (1,727 underlying)
Footnotes (1)
- [F1]The Restricted Stock Units (RSUs), the conversion of which are reported herein, were issued to reporting person pursuant to issuer's Management Stock Purchase Plan (MSPP) on 3/5/2004. On that date, the fair market value of a share of the issuer's stock was $23.76. Under the MSPP, directors may make an advance election to receive RSUs in lieu of a specified % or dollar amount of director's annual retainer. RSUs are issued in whole units on the basis of a 33% discount from fair market value of issuer's common stock on the date the underlying bonus is determined ($15.92 in this case) and generally vest 3 years from the date of the grant, at which time they convert into shares of common stock unless the director has previously selected a longer deferral period. Acquisition price reflected is based on a 33% discount to fair market value of issuer's stock to grant date. The reporting person elected to receive these RSUs in lieu of entire annual director retainer fee of $27,500 for 2004.