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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 | ||||||||
Incentive Stock Options | $ 0.57 | 07/25/2006 | A | 50,000 | (1) | 07/25/2016 | Common Stock | 50,000 | $ 0 (2) | 150,000 (1) | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Sarina Michael Louis C/O PAC-WEST TELECOMM, INC. 1776 W. MARCH LANE, STE 250 STOCKTON, CA 95207 |
Chief Financial Officer |
/s/ Michael Louis Sarina | 07/27/2006 | |
**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) | Options have a four-year vesting schedule with 25% of the shares vesting each anniversary of the commencement date. The vesting commencement date for the options is July 25, 2006. Special vesting provisions: (1) In the event of demotion or termination (as defined in the option agreement) other than for cause (as defined in the option agreement) within 9 months prior to a change in control, the options shall become fully vested and exercisable and the post-termination exercise period for the options shall be 12 months. (2) In the event of a change in control the options shall become fully vested and exercisable and in the event the optionee is demoted or terminated without cause within 12 months after a change in control the post-termination exercise period for the options shall be 12 months. |
(2) | Column 8 is not a required reportable field. SEC software requires a dollar amount, use zeroes per SEC. |