-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NpK5KUh74bp8dsaU4gzk0jusuplv3Rtn71RWVcSiiqNSAMny4sqYk903FudjAjEf MWW+Mr63spfcq2BrHVSN2Q== 0001209191-06-000216.txt : 20060103 0001209191-06-000216.hdr.sgml : 20060102 20060103143104 ACCESSION NUMBER: 0001209191-06-000216 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20051116 FILED AS OF DATE: 20060103 DATE AS OF CHANGE: 20060103 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Paschke Randolph Clare CENTRAL INDEX KEY: 0001312344 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 000-20167 FILM NUMBER: 06501836 BUSINESS ADDRESS: BUSINESS PHONE: 313-577-6032 MAIL ADDRESS: STREET 1: 3000 GLAZIER WAY STREET 2: #230 CITY: ANN ARBOR STATE: MI ZIP: 48105 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: MACKINAC FINANCIAL CORP /MI/ CENTRAL INDEX KEY: 0000036506 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 382062816 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 3530 NORTH COUNTRY DR STREET 2: PO BOX 369 CITY: TRAVERSE CITY STATE: MI ZIP: 49684 BUSINESS PHONE: 9063418401 MAIL ADDRESS: STREET 1: 130 S CEDER ST STREET 2: P O BOX 369 CITY: MANISTIQUE STATE: MI ZIP: 49854 FORMER COMPANY: FORMER CONFORMED NAME: NORTH COUNTRY FINANCIAL CORP DATE OF NAME CHANGE: 19990409 FORMER COMPANY: FORMER CONFORMED NAME: FIRST MANISTIQUE CORP DATE OF NAME CHANGE: 19920703 4 1 bde01098_01rcp.xml MAIN DOCUMENT DESCRIPTION X0202 4 2005-11-16 0000036506 MACKINAC FINANCIAL CORP /MI/ MFNC 0001312344 Paschke Randolph Clare 5229 CASS AVENUE 200 RANDS HOUSE DETROIT MI 48202 1 0 0 0 Stock Option (Right to Buy) 11.50 2005-11-16 4 A 0 2000 0.00 A 2005-11-16 2015-11-16 Common Stock 2000 2000 D On November 16, 2005, the reporting person was granted the option to purchase 10,000 shares of Common Stock. The option vests in 4 installments with the initial installment of 20% vesting immediately on the date of grant, resulting in the vesting of the option as to 2,000 shares. Of the remaining option, 27% of the original becomes exercisable when the closing price of the Common Stock equals 1.15 times the initial exercise price for a period of 10 consecutive trading days. Another 27% of the original option becomes exercisable when the closing price of the Common Stock equals 1.30 times the initial exercise price for a period of 10 consecutive trading days after 11/16/06. The remaining 26% of the original option becomes exercisable when the closing price of the Common Stock equals 1.45 times the initial exercise price for a period of 10 consecutive trading days after 11/16/06. /s/ Elliot R. Stark, Attorney-in-Fact 2006-01-03 -----END PRIVACY-ENHANCED MESSAGE-----