SEC Form 4 · accession 0001311050-15-000030
POLYCOM INC · PLCM
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael Frendo
Officer — EVP, Engineering
Period of report
May 13, 2015
Accepted (ET)
May 15, 2015 · 5:11 pm EDT
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 | May 13, 2015 | M | 55,031 | $0.00 | A | 56,474 | D | |
| Common StockF2 | May 13, 2015 | F | 20,681 | $13.33 | D | 35,793 | 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 | May 13, 2015 | M | 24,350 | D | — | — | Common Stock | 24,350 | 48,702 | D |
| Performance SharesF4 | $0.00 | May 13, 2015 | M | 30,681 | D | — | — | Common Stock | 30,681 | 48,702 | 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 24,350 shares occurred on May 13, 2015. The remaining 48,702 shares underlying the award are scheduled to vest as to 24,351shares on May 13, 2016, and 24,351shares on May 13, 2017.
- F4These Performance Shares awarded on May 13, 2014 were converted on a one-for-one basis into shares of Polycom, Inc. common stock following vesting, which occurred on May 13, 2015. The unvested award previously reported was at the target award level. The remaining 48,702 shares underlying the award are scheduled to vest as to 24,351 shares on May 13, 2016, and 24,351shares on May 13, 2017, 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.