WILLIS MICHAEL T 4
4 · WESTAFF INC · Filed Mar 23, 2009
Insider Transaction Report
Form 4
WESTAFF INCwstf
WILLIS MICHAEL T
DirectorChairman of the Board & CEO
Transactions
- Disposition to Issuer
Restricted Stock Units
2009-03-19−50,000→ 0 total→ Common Stock (50,000 underlying) - Disposition to Issuer
Stock Options
2009-03-19−100,000→ 0 totalExercise: $4.34Exp: 2017-08-15→ Common Stock (100,000 underlying)
Footnotes (4)
- [F1]The option vested as follows: 25% of the Shares vested one (1) year after the Vesting Commencement Date (August 15, 2007) and 1/36th of the balance of the Shares subject to the Option vest on each monthly anniversary of the Vesting Commencement Date thereafter.
- [F2]These 100,000 stock options were disposed of in connection with the consummation of the merger (the "Merger") contemplated by that certain Agreement and Plan of Merger, dated as of January 28, 2009, by and among Westaff, Inc., Koosharem Corporation and Select Merger Sub Inc. These options were cancelled in the Merger for no consideration.
- [F3]Each restricted stock unit ("RSU") was eligible for conversion into one (1) share of WSTF common stock.
- [F4]These 50,000 restricted stock units were terminated in the Merger for no consideration.