FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). |
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
BLUEGREEN CORP [ BXG ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 05/21/2008 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
Code | V | Amount | (A) or (D) | Price | ||||||
Bluegreen Corporation Common Stock, $0.01 par | 05/21/2008 | 05/21/2008 | A | 71,000(3) | A | $0.0(1) | 71,100 | D | ||
Bluegreen Corporation Common Stock, $0.01 par | 9,517,325(2) | I | Shares owned by Levitt Corporation |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Bluegreen Corporation Stock Option | $7.5 | 05/21/2008 | A | 71,000(3) | 05/21/2013 | 05/21/2015 | Bluegreen Corporation Common Stock, $0.01 par | 71,000 | $0.0 | 221,000 | D | ||||
Bluegreen Corporation Stock Option | $9.31 | 05/21/2008 | A | 50,000(4) | 05/21/2013 | 05/21/2018 | Bluegreen Corporation Common Stock, $0.01 par | 50,000 | $0.0 | 271,000 | D |
Explanation of Responses: |
1. Amount represents a grant of restricted stock, see Note 3 below for vesting information. |
2. Mr. Levan may be deemed to control Levitt Corporation, and therefore the shares benefically owned by Levitt may also be deemed to be beneficially owned by Mr. Levan. |
3. The stock options and restricted shares will vest on May 21, 2013. However, in the event of a transaction which results in a change-in-control of the Company at a price of at least $12.50 per share, a percentage (of up to 100%) of the options and restricted share awards will vest depending on both the timing of the event and specified price targets increasing annually starting at $12.50 per share. |
4. The stock options vest on May 21, 2013. |
Anthonty M. Puleo as Attorney-in-fact for Alan B. Levan | 05/23/2008 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* 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). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
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 Number. |