SEC Form 4 · accession 0001009626-16-000319
BROCADE COMMUNICATIONS SYSTEMS INC · BRCD
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Ken Cheng
Officer — CTO and SVP, Corporate Develop
Period of report
Nov 23, 2016
Accepted (ET)
Nov 28, 2016 · 6:14 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001009626
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | Nov 23, 2016 | M | 60,000 | $7.47 | A | 569,294 | D | |
| Common StockF1 | Nov 23, 2016 | F | 48,468 | $12.49 | D | 520,826 | D | |
| Common StockF2 | holding | — | — | — | 225,727 | I | By Trust |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Qualified Stock Option (right to buy)F3 | $7.47 | Nov 23, 2016 | M | 60,000 | D | — | Dec 10, 2016 | Common Stock | 60,000 | 0 | D |
Explanation of responses
- F1Shares withheld for payment of exercise price and tax withholding liability pursuant to terms of the option agreement. The fair market value of Brocade common stock used for purposes of calculating the number of shares to be withheld was the closing price of Brocade common stock as reported on the NASDAQ Stock Market on November 23, 2016.
- F2Reflects shares held by the Ken Kong Kin Cheng Trust dated 05/23/2006, over which the Reporting Person exercises investment and voting control.
- F3Subject to the provisions in the option agreement, options vest monthly over four years beginning January 10, 2010.