SEC Form 4 · accession 0001247640-16-000041
POLYCOM INC · PLCM
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Peter Leav
Officer — President & CEO · Director
Period of report
Feb 27, 2016
Accepted (ET)
Mar 1, 2016 · 7:22 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001010552
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | Feb 27, 2016 | M | 154,526 | $0.00 | A | 386,643 | D | |
| Common StockF1 | Feb 27, 2016 | F | 66,437 | $10.33 | D | 320,206 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF2 | $0.00 | Feb 27, 2016 | M | 77,263 | D | — | — | Common Stock | 77,263 | 154,527 | D |
| Performance SharesF3 | $0.00 | Feb 27, 2016 | M | 77,263 | D | — | — | Common Stock | 77,263 | 154,527 | D |
Explanation of responses
- F1This transaction represents an automatic withholding of shares by Polycom equal in current market value to the total required tax withholding due upon vesting.
- F2Restricted Stock Units are converted on a one-for-one basis into shares of Polycom, Inc. common stock following vesting, which vesting for 77,263 shares occurred on February 27, 2016. The remaining 154,527 shares underlying the award are scheduled to vest as to 77,263 shares on February 27, 2017, and 77,264 shares on February 27, 2018.
- F3These Performance Shares awarded on February 27, 2015 were converted on a one-for-one basis into shares of Polycom, Inc. common stock following vesting, which occurred on February 27, 2016. The unvested award previously reported was at the target award level. The remaining 154,527 target shares underlying the award are scheduled to vest as to 77,263 shares on February 27, 2017, and 77,264 shares on February 27, 2018, or if later, the date the Compensation Committee certifies achievement of performance criteria for Total Shareholder Return for the remaining performance periods. Vesting of the remaining award depends on future performance and may range from 0% to 150% of the target amount.