CONSOLIDATED TOMOKA LAND CO 4
4 · CONSOLIDATED TOMOKA LAND CO · Filed Apr 19, 2007
Insider Transaction Report
Form 4
MCMUNN WILLIAM H
DirectorChairman, President & CEO
Transactions
- Exercise/Conversion
Stock Appreciation Right
2007-04-18$52.14/sh−4,000$208,576→ 0 totalExercise: $52.14From: 2007-01-23Exp: 2012-01-23→ Common Stock (4,000 underlying) - Exercise/Conversion
Common Stock
2007-04-18$52.14/sh+16,000$834,304→ 74,587 total - Disposition to Issuer
Common Stock
2007-04-18$79.53/sh−16,000$1,272,480→ 58,587 total
Footnotes (2)
- [F1]This reflects the exercise of stock appreciation rights (SAR) in tandem with the exercise of stock options on February 16, 2007, that was separately reported on a Form 4.
- [F2]The value of the SAR for Mr. McMunn was calculated as follows: (813,760/.65) - 813,760 = 438,178 (Appreciation/1 - Tax Rate) - Appreciation "Appreciation" equals the amount by which the fair market value of the SAR's related shares at the time the related option is exercised exceeds the price paid for the share, and "Tax Rate" equals the optionee's tax rate as determined by the IRS Tax Code at the time of exercise.