SEC Form 4 · accession 0001247640-16-000042
POLYCOM INC · PLCM
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael Frendo
Officer — EVP, Engineering
Period of report
Feb 27, 2016
Accepted (ET)
Mar 1, 2016 · 7:58 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 StockF1 | Feb 27, 2016 | M | 36,666 | $0.00 | A | 76,982 | D | |
| Common StockF2 | Feb 27, 2016 | F | 14,063 | $10.33 | D | 62,919 | 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 UnitsF3 | $0.00 | Feb 27, 2016 | M | 18,333 | D | — | — | Common Stock | 18,333 | 36,667 | D |
| Performance SharesF4 | $0.00 | Feb 27, 2016 | M | 18,333 | D | — | — | Common Stock | 18,333 | 36,667 | D |
Explanation of responses
- F1Securities Beneficially Owned reflects shares acquired pursuant to issuer's Employee Stock Purchase Plan in a transaction exempt under Rule 16b-3.
- F2This transaction represents an automatic withholding of shares by Polycom equal in current market value to the total required tax withholding due upon vesting.
- F3Restricted Stock Units are converted on a one-for-one basis into shares of Polycom, Inc. common stock following vesting, which vesting for 18,333 shares occurred on February 27, 2016. The remaining 36,667 shares underlying the award are scheduled to vest as to 18,333 shares on February 27, 2017, and 18,334 shares on February 27, 2018.
- F4These 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 36,667 shares underlying the award are scheduled to vest as to 18,333 shares on February 27, 2017, and 18,334 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.