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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) (1) | $ 1.43 | 11/19/2010 | D(3) | 15,000 | (4) | 05/25/2020 | Common Stock | 15,000 | (3) | 0 | D | ||||
| Non-Qualified Stock Option (right to buy) (1) | $ 8.58 | 11/19/2010 | A(3) | 2,500 | (4) | 05/25/2020 | Common Stock | 2,500 | (3) | 2,500 | D | ||||
| Non-Qualified Stock Option (right to buy) (1) | $ 2.98 | 11/19/2010 | D(3) | 15,000 | (4) | 05/29/2019 | Common Stock | 15,000 | (3) | 0 | D | ||||
| Non-Qualified Stock Option (right to buy) (1) | $ 17.88 | 11/19/2010 | A(3) | 2,500 | (4) | 05/29/2019 | Common Stock | 2,500 | (3) | 2,500 | D | ||||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| Sabba Stephen L DORSET MANAGEMENT CORP 485 UNDERHILL BLVD SUITE 205 SYOSSET, NY 11791 |
X | |||
| /s/ Stephen L. Sabba | 06/06/2011 | |
| **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) | The securities represented in Column 5 of Table I and Column 9 of Table II reflect the Company's reverse stock split, at a ratio of one-for-six (the "Reverse Stock Split"). On November 19, 2010, as a result of the Reverse Stock Split, all previously issued certificates representing six outstanding shares of the Company's common stock (the "Old Shares") now represent one new share of the Company's common stock (the "New Common Stock"). |
| (2) | The Company paid cash for any fractional shares resulting from the Reverse Stock Split. The Reporting Person had 1/3rd fractional share, for which he received $3.04. |
| (3) | The four reported entries reflect the effect of the Reverse Stock Split described in footnote 1, above, on previously issued outstanding options, resulting in the deemed cancellation of each of the "old" options and the concomitant grant of replacement options. The options in the first row of Table II were originally granted on May 25, 2010 and the options in the third row of Table II were originally granted on May 29, 2009. |
| (4) | The securities are currently vested and are fully exercisable. |
| Remarks: Reporting on this transaction exempt from Section 16b treatment and described in Footnote 1 hereof was delayed because of delay in finalizing information from the Company regarding expiration dates for derivative securities being reported and the effect of such transaction. | |