SEC Form 4 · accession 0001193805-15-001772
Rand Logistics, Inc. · RLOG
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Mark S Hiltwein
Officer — CFO
Period of report
Oct 27, 2015
Accepted (ET)
Oct 28, 2015 · 6:40 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001294250
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Employee Stock Option (Right to Buy)F1 | $2.19 | Oct 27, 2015 | A | 35,000 | A | Oct 27, 2016 | Oct 27, 2025 | Common Stock | 35,000 | 35,000 | D |
| Employee Stock Option (Right to Buy)F2 | $2.19 | Oct 27, 2015 | A | 65,000 | A | — | Oct 27, 2025 | Common Stock | 65,000 | 65,000 | D |
Explanation of responses
- F1On October 27, 2015, the Reporting Person was granted the option to purchase 35,000 shares of common stock. The Options were issued pursuant to the Issuer's 2007 Long-Term Incentive Plan and will vest yearly in three equal installments beginning on October 27, 2016.
- F2The options were issued pursuant to the Issuer's 2007 Long-Term Incentive Plan. The first 20% of the options become exercisable if the average closing price of Rand Logistics common stock over any 20 day period as reported on the Nasdaq Capital Markets is $4.00 per share on or before three years from the Grant Date. The next 25% of the options become exercisable if the average closing price of Rand Logistics common stock over any 20 day period as reported on the Nasdaq Capital Markets is $4.50 per share on or before three years from the Grant Date. The last 55% of the options become exercisable if the average closing price of Rand Logistics common stock over any 20 day period as reported on the Nasdaq Capital Markets is $5.00 per share on or before three years from the Grant Date.