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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549ANNUAL STATEMENT 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 2270 (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 at End of Issuer's Fiscal Year (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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(A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | |||||||||
Option to purchase | $ 20.815 | Â | Â | Â | Â | Â | Â (4) | 08/20/2013 | Common stock | Â | 10,000 | Â |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
BROWN JULIE A 1451 E BATTLEFIELD PO BOX 9009 SPRINGFIELD, MD 65808 |
 X |  |  |  |
Matt Snyder, Attorney-in-fact for Julie A. Brown | 02/14/2005 | |
**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) | The Turner Family Limited Partnership (the "Partnership") continues to own the same number of shares (1,566,024) as it did immediately prior to this transaction. The transaction reflects an exchange (the "Exchange") of partnership units in the Partnership for estate planning purposes involving the reporting person, Julie A. Brown, and her brother, Joseph W. Turner, President and CEO and a director of the issuer, and their parents, William V. Turner, Chairman of the Board of Directors of the issuer, and Ann S. Turner. Although, as a result of the Exchange, Julie Brown and Joseph Turner replaced William and Ann Turner as general partners, each family member's share of the Partnership's capital account and profits did not substantially change and their economic interest in the shares of the issuer's common stock held by the Partnership were not significantly affected by the Exchange. (continued in Footnote 2 below) |
(2) | (continued from Footnote 1) Prior to the Exchange, as limited partners of the Partnership, Julie Brown and Joseph Turner were not, for purposes of Section 16 of the Securities Exchange Act of 1934 (the "1934 Act"), deemed to beneficially own any of the 1,566,024 shares of the issuer's common stock held by the Partnership. Pursuant to the exchange agreement, each of Julie Brown and Joseph Turner obtained 400 general partnership units in exchange for 548 limited partnership units and each of William and Ann Turner obtained 548 limited partnership units in exchange for all 400 of their respective general partnership units. (continued in Footnote 3 below) |
(3) | (continued from Footnote 2) As a result of the Exchange, for purposes of Section 16 of the 1934 Act, Julie Brown and Joseph Turner are now each deemed to beneficially own 23.61% of the 1,566,024 shares of the issuer's common stock held by the Partnership. This reflects their respective shares of the Partnership's capital account represented by their general partnership units and remaining limited partnership units, as well as the limited partnership units held by trusts established for the benefit of their children, who reside in their households. |
(4) | 2,500 shares vest on 8/20/2005 2,500 shares vest on 8/20/2006 2,500 shares vest on 8/20/2007 2,500 shares vest on 8/20/2008 |