Taylor Robert Norfleet 4
4 · TOWER FINANCIAL CORP · Filed Jul 10, 2012
Insider Transaction Report
Form 4
Taylor Robert Norfleet
Director
Transactions
- Award
Deferred Stock Units
2012-05-23+483→ 483 totalExercise: $0.00From: 2013-05-23Exp: 2013-05-23→ Common Stock (483 underlying)
Footnotes (3)
- [F1]Pursuant to registrant's Amendment No. 1 to 2006 Equity Incentive Plan, the reporting person on May 23, 2012 was granted an exempt award of Deferred Stock Units ("DSUs").
- [F2]The reporting person, by election, chose to receive his common stock, when converted from DSUs, at the expiration of one year following the date of the grant.
- [F3]Each whole DSU represents registrant's unsecured and unfunded obligation, upon the expiration of the reporting person's deferral period election, to convert and issue to the reporting person one share of registrant'scommon stock for each DSU. The DSUs are 100% vested on the grant date.