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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 | ||||||||
| Employee Stock Option (Right to Buy) | $ 27.135 | 05/22/2007 | A | 20,000 | (2) | 06/14/2013 | Common Stock | 20,000 | $ 0 | 20,000 | D | ||||
| Employee Stock Option (Right to Buy) | $ 27.135 | 05/22/2007 | A | 100,000 | (3) | 06/14/2013 | Common Stock | 100,000 | $ 0 | 100,000 | D | ||||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| OLMSTEAD DEAN 42 WILKINSON WAY PRINCETON, NJ 08540 |
X | |||
| Dean A. Olmstead | 05/22/2007 | |
| **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) | On March 20, 2007, the Board of Directors approved grants of restricted stock to the Company's non-executive directors as part of their compensation for 2006. These grants were subject to stockholder approval of the Company's Amended and Restated 2005 Stock Incentive Plan (the "Amended and Restated Plan"). The Amended and Restated Plan was approved by stockholders at the Company's annual meeting on May 22, 2007, and the restricted stock grant was made on that date. 50% vests on grant date. The remaining 50% vests on the first anniversary of the grant date. |
| (2) | The options were granted on June 14, 2006 subject to stockholder approval of the Company's Amended and Restated Plan. On May 22, 2007, stockholders approved the Amended and Restated Plan. 20,000 shares vest over a four-year period, with 25% vesting on each of the first four anniversaries of the grant date. |
| (3) | The options were granted on June 14, 2006 subject to stockholder approval of the Company's Amended and Restated Plan. On May 22, 2007, stockholders approved the Amended and Restated Plan. 100,000 shares vest based upon closing of a satellite services business transaction with a specified value to Loral (25,000 shares vest upon closing of a transaction with a value of between $100 million and less than $250 million; 50,000 shares vest upon closing of a transaction with a value of between $250 million and less than $500 million; 75,000 options vest upon closing of a transaction with a value of between $500 million and less than $1,000 million; and 100,000 options vest upon closing of a transaction with a value of $1,000 million or more). |