NET2PHONE INC 4
4 · NET2PHONE INC · Filed Apr 26, 2005
Insider Transaction Report
Form 4
NET2PHONE INCNTOP
GREENBERG STEPHEN M
Director
Transactions
- Disposition to Issuer
Employee Stock Option (right to buy)
2005-04-26−300,000→ 0 totalExercise: $5.80Exp: 2012-03-20→ Common Stock (300,000 underlying)
Footnotes (2)
- [F1]Pursuant to a Promissory Note and Pledge Agreement (the "Agreement") between the reporting person and Net2Phone, Inc. (the "Company"), dated April 10, 2002, the reporting person received a loan from the Company which was secured by options to purchase 300,000 shares of common stock. The reporting person was obligated to return these options to the Company on the maturity date of the loan. The Company cancelled these options on April 26, 2005 pursuant to the Agreement, and the reporting person is reporting this cancellation on this Form 4.
- [F2]Options became vested and exercisable as follows: 100,000 on March 21, 2003 and the balance of 200,000 options monthly in equal amounts for 24 months thereafter.