Both Nance and Enloe were granted new shares to compensate them for the options that they were not able to exercise prior to expiration because of insider trading restrictions.
Bernard
biz.yahoo.com
On May 2, 2005, INGN entered into a stock purchase agreement with its President and CEO, David G. Nance, and its Senior Vice President of Operations, J. David Enloe, Jr. and it issued shares to compensate them for the loss of their fully-vested options that expired on April 13, 2005 and March 15, 2005, respectively that weren't able to be exercised due to insider trading restrictions.
Mr. Nance had a fully-vested option to purchase 38,400 shares of Company common stock at an exercise price per share of $0.391 and the Company issued to Mr. Nance 23,096 shares, which is equivalent to the number of shares he would have been able to purchase, less the number of shares having a value equal to his tax obligations with respect to the shares acquired pursuant to the stock purchase agreement.
Mr. Enloe had a fully-vested option to purchase 56,800 shares of Company common stock at an exercise price per share of $0.391 and the Company issued him 34,163 shares,which is substantially equivalent to the number of shares he would have been able to purchase, less the number of shares having a value equal to his tax obligations with respect to the shares acquired pursuant to the stock purchase agreement.
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