sheridan stanley michael 4
4 · NATIONAL BEVERAGE CORP · Filed Oct 6, 2020
Insider Transaction Report
Form 4
sheridan stanley michael
Director
Transactions
- Award
SPECIAL STOCK OPTION
2020-10-02+5,000→ 16,000 totalExercise: $69.96Exp: 2030-10-02→ COMMON STOCK (5,000 underlying)
Footnotes (1)
- [F1]Options granted under the Company's Special Stock Option Plan vest over an eight-year period in relatively equal amounts at approximately 16 month intervals. The exercise price can be reduced and the vesting schedule can be accelerated by the optionee purchasing and maintaining ownership of shares of common stock and/or the Company achieving performance objectives as determined by the Board of Directors (the "Board"). Based upon the maximum required ownership of common stock as provided in the Stock Option Agreement, together with the Company achieving the performance targets previously established by the Board, the option can fully vest after approximately 64 months and the exercise price of the October 2, 2020 grant can be reduced to approximately $5.00 per share. Reference is made to Exhibit 10.6 of the Company's Form 10-K for the year ended May 2, 2020.