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
LAKES ENTERTAINMENT INC [ LACO ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 09/22/2009 | ||||||||||||||||||||||||||
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 |
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 | ||||||||
Stock Options(1) | $7.5361 | 09/22/2009 | D | 20,000 | (2) | 01/01/2014 | Common Stock, $.01 par value | 20,000 | (3) | 0 | D | ||||
Stock Options(1) | $16.8387 | 09/22/2009 | D | 10,000 | (2) | 02/15/2015 | Common Stock, $.01 par value | 10,000 | (4) | 0 | D | ||||
Stock Options(1) | $4.24 | 09/22/2009 | D | 5,000 | (5) | 03/13/2018 | Common Stock, $.01 par value | 5,000 | (6) | 0 | D | ||||
Stock Options(1) | $3.4 | 09/22/2009 | A | 11,740 | (7) | 09/22/2019 | Common Stock, $.01 par value | 11,740 | (3) | 11,740 | D | ||||
Stock Options(1) | $3.4 | 09/22/2009 | A | 5,122 | (8) | 09/22/2019 | Common Stock, $.01 par value | 5,122 | (4) | 5,122 | D | ||||
Stock Options(1) | $3.4 | 09/22/2009 | A | 4,667 | (9) | 09/22/2019 | Common Stock, $.01 par value | 4,667 | (6) | 4,667 | D |
Explanation of Responses: |
1. Pursuant to Rule 16b-3 (right to buy). |
2. Fully exercisable. |
3. On September 22, 2009, the issuer canceled, pursuant to the issuer's option exchange program, an option for 20,000 shares of Lakes Entertainment, Inc. common stock granted to the reporting person on January 1, 2004. In exchange, the reporting person received a replacement option, for 11,740 shares, having an exercise price of $3.40 a share. |
4. On September 22, 2009, the issuer canceled, pursuant to the issuer's option exchange program, an option for 10,000 shares of Lakes Entertainment, Inc. common stock granted to the reporting person on February 15, 2005. In exchange, the reporting person received a replacement option, for 5,122 shares, having an exercise price of $3.40 a share. |
5. The option provided for vesting in equal installments of 1,250 shares each on 3/13/09, 3/13/10, 03/13/11 and 3/13/12. |
6. On September 22, 2009, the issuer canceled, pursuant to the issuer's option exchange program, an option for 5,000 shares of Lakes Entertainment, Inc. common stock granted to the reporting person on March 13, 2008. In exchange, the reporting person received a replacement option, for 4,667 shares, having an exercise price of $3.40 a share. |
7. The option vests in two equal annual installments beginning September 22, 2010. |
8. The option vests in three equal annual installments beginning September 22, 2010. |
9. The option vests in five equal annual installments beginning on September 22, 2010. |
Remarks: |
/s/ Neil Sell | 09/24/2009 | |
** 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. |