E-MAIL FROM JH
Good morning John. I have been asked by the guys to ask a couple of questions regarding Cooper.
When Cooper exercises his options, will the shares be free trading or 144 shares? Also, being that he's on the BOD, will he need to register with the SEC before selling? If so, will he have to register at the time he exercises or at the time he actually sells? Thanks John.
Michael
Michael,
Tom Cooper has an option to purchase 144 stock. If he chooses to exercise that option, the one year waiting period starts on the day he exercises that option by paying the option price. The 144 shares will then be restricted for at least one year. If after that year he wanted to sell any of those shares, he would have to seek an opinion letter from the company and also report his intentions to the SEC. As a board member, any shares he buys or sells, whether free trading or by an opinion letter, he must report those transactions by the second week of the month following any transactions.
