Gray Television Inc - Statement of Changes in Beneficial Ownership
October 29 2007 - 12:36PM
Edgar (US Regulatory)
FORM 4
[ ]
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue.
See
Instruction 1(b).
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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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(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
*
COWART JACKSON S IV
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2. Issuer Name
and
Ticker or Trading Symbol
GRAY TELEVISION INC
[
GTN
]
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5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director
_____ 10% Owner
__
X
__ Officer (give title below)
_____ Other (specify below)
Chief Accounting Officer
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(Last)
(First)
(Middle)
126 N WASHINGTON STREET
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3. Date of Earliest Transaction
(MM/DD/YYYY)
10/26/2007
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(Street)
ALBANY, GA 31701
(City)
(State)
(Zip)
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4. If Amendment, Date Original Filed
(MM/DD/YYYY)
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6. Individual or Joint/Group Filing
(Check Applicable Line)
_
X
_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
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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)
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2. Trans. Date
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2A. Deemed Execution Date, if any
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3. Trans. Code
(Instr. 8)
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4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
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5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
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6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
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Code
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V
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Amount
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(A) or (D)
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Price
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Gray Common Stock - GTN
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4919
(1)
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D
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Gray Class A Common Stock - GTN.A
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27
(1)
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D
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Gray Common Stock - GTN
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3679
(2)
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D
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Gray Common Stock - GTN
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2177
(1)
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I
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Held by spouse
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Gray Class A Common Stock - GTN.A
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358
(1)
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I
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Held by spouse
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Gray Common Stock - GTN
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10/26/2007
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M
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1143
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A
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$7.78
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1143
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I
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Held by spouse
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Gray Common Stock - GTN
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10/26/2007
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S
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1143
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D
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$9.33
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0
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I
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Held by spouse
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Table II - Derivative Securities Beneficially Owned (
e.g.
, puts, calls, warrants, options, convertible securities)
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1. Title of Derivate Security
(Instr. 3)
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2. Conversion or Exercise Price of Derivative Security
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3. Trans. Date
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3A. Deemed Execution Date, if any
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4. Trans. Code
(Instr. 8)
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
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6. Date Exercisable and Expiration Date
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7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
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8. Price of Derivative Security
(Instr. 5)
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9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)
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10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
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Code
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V
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(A)
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(D)
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Date Exercisable
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Expiration Date
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Title
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Amount or Number of Shares
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Option - GTN
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$7.78
(3)
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10/26/2007
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M
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1143
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10/28/2004
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10/28/2007
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GTN
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1143
(3)
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(4)
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0
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I
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Held by spouse
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Option - GTN
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$9.71
(3)
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6/7/2005
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6/7/2010
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GTN
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10001
(3)
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10001
(3)
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D
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Options - GTN
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$9.71
(3)
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6/7/2005
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6/7/2010
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GTN
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3000
(3)
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3000
(3)
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I
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Held by spouse
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Explanation of Responses:
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(
1)
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Held in a 401(k) account and based on plan website as of 10/26/07.
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(
2)
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Puchased through and held in Gray's Employee Stock Purchase Plan. Shares were purchased over time through payroll deductions at an average price per share of $10.29.
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(
3)
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Reflects anti-dilution adjustment undertaken as a result of the spin-off completed on December 30, 2005.
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(
4)
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Transaction was an exercise of an option to purchase shares. Therefore, the amount in column 8 is left blank and the price per share paid for the shares is reported in column 2.
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Reporting Owners
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Reporting Owner Name / Address
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Relationships
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Director
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10% Owner
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Officer
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Other
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COWART JACKSON S IV
126 N WASHINGTON STREET
ALBANY, GA 31701
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Chief Accounting Officer
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Signatures
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J. S. Cowart IV
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10/29/2007
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**
Signature of Reporting Person
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Date
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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*
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If the form is filed by more than one reporting person,
see
Instruction 4(b)(v).
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**
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Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See
18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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Note:
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File three copies of this Form, one of which must be manually signed. If space is insufficient,
see
Instruction 6 for procedure.
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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.
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