The stock option was exercised using a Cashless Net Share Settlement in accordance with the terms of the Issuer's 2004 Equity Incentive Plan. A Cashless Net Share Settlement results in the reporting person holding shares upon exercise of the stock option and obligates them to surrender a portion of the shares received upon exercise of the stock option in order to satisfy the aggregate exercise price obligation.
This component of the Cashless Net Share Sett
lement reflects the shares that the reporting person was obligated to surrender to the Issuer to pay for the aggregate exercise price for the shares acquired on August 6, 2013.
Common stock of 10,676 shown in Table I above excludes options of 86,000. Total amount of common stock and options is 96,676.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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Other recent filings from the company include the following:
Initial statement of beneficial ownership of securities - Sept. 25, 2014