SEC Form 4 · accession 0001311050-16-000086
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, 2016
Accepted (ET)
May 16, 2016 · 4:15 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 Stock | May 13, 2016 | M | 48,702 | $0.00 | A | 111,621 | D | |
| Common StockF1 | May 13, 2016 | F | 18,304 | $10.97 | D | 93,317 | 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 | May 13, 2016 | M | 24,351 | D | — | — | Common Stock | 24,351 | 24,351 | D |
| Performance SharesF3 | $0.00 | May 13, 2016 | M | 24,351 | D | — | — | Common Stock | 24,351 | 24,351 | 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 24,351 shares occurred on May 13, 2016. The remaining 24,351 shares underlying the award are scheduled to vest on May 13, 2017.
- F3These 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, 2016. The unvested award previously reported was at the target award level. The remaining 24,351 shares underlying the award are scheduled to vest 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.