SEC Form 4 · accession 0001025953-15-000089
NOVATION COMPANIES, INC. · NOVC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Art N Burtscher
Director
Period of report
Aug 10, 2015
Accepted (ET)
Aug 12, 2015 · 3:50 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001025953
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2 | Aug 10, 2015 | A | 211,539 | $0.00 | A | 478,664 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1On May 14, 2015, the Compensation Committee (the "Committee") of the Board of Directors of Novation Companies, Inc. (the "Company") determined that the annual retainer for each non-employee director serving on the Board and the fees for service as a committee chair or lead independent director shall be paid as restricted stock awarded under the 2015 Incentive Stock Plan in an amount equal to the total of such fees for each such director.
- F2The number of restricted stock awards was calculated based on the total annual cash compensation for each non-employee director and the closing price of the Company's common stock on the transaction date, as quoted by the OTC Markets' Group inter-dealer quotation service as an OTCQB security. The restricted stock awards shall vest on August 10, 2016.