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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) | ||
| 1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Non-qualified stock option (right to buy) | $ 2.24 | 04/01/2010 | A | 75,000 (4) | (5) | 04/01/2020 | Common Stock | 75,000 | $ 0 | 175,000 | D | ||||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| MCCANN WALTER 920 DAMASCUS CHURCH ROAD CHAPEL HILL, NC 27516 |
X | |||
| /s/ Walter McCann, by Edward B. Whittemore, attorney-in-fact | 04/05/2010 | |
| **Signature of Reporting Person | Date |
| * | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
| ** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
| (1) | On April 1, 2010, 37,500 restricted shares of the Company's common stock were awarded to the reporting person pursuant to the Company's 1998 Stock Incentive Plan. The restricted shares vest according to the following schedule: (1) one-third of the award (12,500 shares) vested immediately on April 1, 2010, (2) one-third of the award (12,500 shares) will vest on April 1, 2011 and (3) one-third of the award (12,500 shares) will vest on April 1, 2012. |
| (2) | The fair market value of a share of the Company's common stock on the grant date, Aprl 1, 2010, was $2.24 per share, calculated in accordance with the terms of the Company's 1998 Stock Incentive Plan. |
| (3) | Amount reported does not include beneficial ownership of the shares subject to stock options held by the reporting person which are reported in Table II. |
| (4) | On April 1, 2010, the reporting person was awarded 75,000 non-qualified stock options pursuant to the Company's 1998 Stock Incentive Plan. The stock options have an exercise price of $2.24 per share and will expire on April 1, 2020. The stock options are also expressly conditioned upon the receipt of shareholder approval of the replenishment and amendment of the Company's 1998 Stock Incentive Plan, which shareholder approval will be sought later in 2010. |
| (5) | The awarded stock options vest as follows: (1) one-third of the award (25,000 shares) will vest on April 1, 2011, (2) one-third of the award (25,000 shares) will vest on April 1, 2012, and (3) one-third of the award (25,000 shares) will vest on April 1, 2013. |