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ZAGG Inc Message Board

  • joinmy10church joinmy10church Nov 18, 2012 4:10 PM Flag

    Petersen still owns 2 million shares

    as far as I can tell..Sold about 45,000 Nov. 12!

    Sentiment: Strong Buy

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    • If you look at the Form 4 filed with the SEC you will see that Petersen exercised some options:

      60,000 shares @ $0.65/share for a total cost of $39,000; at the 11/9/12 price of $7.22/share, 5,402 shares were withheld to generate $39,000 to pay for exercising of these options.

      95,000 shares @ $1.23/share for a total cost of $116,850; at the 11/9/12 market price of $7.22/share, 16,184 shares were withheld to generate $116,850 to pay for exercising these options.

      63,333 shares @ $2.53/share for a total cost of $160,232; at the 11/9/12 market price of $7.22/share, 22,193 shares were withheld to generate $160,232 to pay for exercising these options

      In total, it cost Petersen $316,082 to exercise options for 218,333 shares. To pay for this 43,779 shares were witheld at $7.22/share to generate the $316,082 needed to exercise the options.

      You will see on footnote 5 of Form 4 "The shares were withheld by the issuer as payment of the exercise price (as a net share settlement), pursuant to the terms of the option grants."

      This is no big deal.

      Options are commonly executed in this manner since many people who receive options do not have the cash on had to exercise them.

      According to Form 4, Petersen still owns 2,208,308 shares.

 
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