Michigan-based Meadowbrook Insurance Group, Inc. announced that President and CEO Robert S. Cubbin has exercised stock options, using a cashless exercise method.
According to the company statement, this transaction was reported to the Securities and Exchange Commission on September 12, 2006, pursuant to Form 4 requirements. Cubbin has exercised 395,380 shares, pursuant to stock options granted to him in May 2002, June 2002, and February 2003. He is exercising the options utilizing a cashless method whereby he receives the net shares after surrendering options whose value is equal to the strike price and tax withholding upon exercise. Cubbin is retaining these net shares and is not selling into the market as part of his option exercise.
Mr. Cubbin’s total beneficial ownership of Meadowbrook stock after this transaction is approximately 1.1percent, 296,670 of which are direct ownership and 30,250 are subject to exercisable options as of September 12, 2006.
“As with the prior cashless exercise, I am currently retaining the net shares to increase my equity ownership of Meadowbrook,” Cubbin said.
Meadowbrook Insurance Group, Inc. is a program-based risk management company, specializing in alternative risk management solutions for agents, brokers, and small to medium-sized insureds.
Source: Meadowbrook Insurance Group, Inc.
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