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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 | ||||||||
Options: Right to Buy | $ 5.47 | 05/09/2007 | 05/09/2009 | Common Stock | 2,500 (1) | 2,500 (1) | D | ||||||||
Options: Right to Buy | $ 6.5 (4) | 02/21/2006 | 02/21/2008 | Common Stock | 2,500 (2) (4) | 2,500 (2) (4) | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
WADE ROBERT E 225 HARDWICK STREET BELVIDERE, NJ 07823 |
X |
/s/ Robert Elmer Wade | 01/14/2008 | |
**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) | In accordance with the 1997 Stock Option and Compensation Plan and the Issuer's policies concerning option grants to outside Directors, on May 9, 2007, Mr. Wade received a grant of options to purchase 2,500 shares with a two year term, 500 of which become exercisable for each meeting of the Board of Directors attended by Mr. Wade as an outside director. |
(2) | In accordance with the 1997 Stock Option and Compensation Plan and the Issuer's policies concerning option grants to outside Directors, on February 21, 2006, Mr. Wade received a grant of options to purchase 2,500 shares with a two year term, 500 of which become exercisable for each meeting of the Board of Directors attended by Mr. Wade as an outside director. |
(3) | Acquired pursuant to the Issuer's 2007 Stock Incentive Plan in lieu of Mr. Wade's outside Directors Meeting Fee of $3,500 for the meetings of the Board of Directors for the quarter ended December 31, 2007. The amount of shares was determined according to the closing price of the Common Stock on December 31, 2007. |
(4) | All amounts of securities beneficially owned, options and option exercise prices have been adjusted for the 1-for-50 reverse stock split effective February 12, 2007. |