4//SEC Filing
RUANE TIMOTHY M 4
Accession 0001181431-12-067606
CIK 0000802724other
Filed
Dec 30, 7:00 PM ET
Accepted
Dec 31, 3:00 PM ET
Size
9.0 KB
Accession
0001181431-12-067606
Insider Transaction Report
Form 4
RUANE TIMOTHY M
DirectorChief Executive Officer
Transactions
- Disposition to Issuer
Employee Stock Option (right to buy)
2012-12-27−1,344,374→ 1,500,000 totalExercise: $0.35Exp: 2020-12-01→ Common Stock (1,344,374 underlying) - Award
Employee Stock Option (right to buy)
2012-12-27+1,100,000→ 1,100,000 totalExercise: $0.35Exp: 2020-12-01→ Common Stock (1,100,000 underlying)
Footnotes (4)
- [F1]The cancelled option vested as to 25% of the shares covered by the option on the first anniversary of the grant date (12/01/2011), and as to the remaining 75% of the shares, vested or were scheduled to vest, as the case may be, on a daily basis over the three-year period thereafter.
- [F2]Represents the cancellation and issuance of certain options by the Issuer to the Reporting Person after it was determined that a portion of an employee stock option granted on an earlier date had been in technical violation of a provision of the applicable plan. The issuance of an option covering 2,844,374 shares to the Reporting Person on December 1, 2010 exceeded by 1,344,374 shares the maximum number of shares subject to options that may be granted during any calendar year to any individual under the Issuer's 2007 Performance Incentive Plan. (Continued in Footnote 3)
- [F3]Upon determining that this error had been inadvertently made, the Company and the Reporting Person entered into an Option Cancellation Agreement, pursuant to which (i) the December 1, 2010 option with respect to 1,344,374 shares has been cancelled; (ii) a new option to purchase 1,100,000 shares has been issued to the Reporting Person effective December 27, 2012; and (iii) a new option to purchase 244,374 shares will be issued to the Reporting Person on January 2, 2013. The exercise price of the shares covered by this statement is $0.35, the same as the exercise price of the option issued on December 1, 2010 and is in excess of the closing price of the Issuer's common stock on the grant date. The exercise price of the January 2, 2013 option will be the same price, or the closing price of the shares on January 2, 2013, whichever is higher.
- [F4]The option vests as to 25% of the shares covered by the option on the first anniversary of the grant date of the cancelled option (12/01/2011), and as to the remaining 75% of the shares, on a daily basis over the three-year period thereafter.
Documents
Issuer
INSITE VISION INC
CIK 0000802724
Entity typeother
Related Parties
1- filerCIK 0001201046
Filing Metadata
- Form type
- 4
- Filed
- Dec 30, 7:00 PM ET
- Accepted
- Dec 31, 3:00 PM ET
- Size
- 9.0 KB