SEC Form 4 · accession 0001078271-16-000194
EXTREME NETWORKS INC · EXTR
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Robert J Gault
Officer — EVP Worldwide Sales Services a
Period of report
Aug 15, 2016
Accepted (ET)
Aug 17, 2016 · 5:51 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001078271
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Aug 15, 2016 | F | 7,440 | $4.00 | D | 163,144 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance SharesF3,F2 | $0.00 | Aug 15, 2016 | A | 80,000 | A | Aug 15, 2017 | Aug 15, 2019 | Common Stock | 80,000 | 80,000 | D |
| RSU AwardF3,F4 | $0.00 | Aug 15, 2016 | A | 80,000 | A | Aug 15, 2017 | Aug 15, 2019 | Common Stock | 80,000 | 80,000 | D |
Explanation of responses
- F1The reporting person was granted 80,000 RSUs on August 15, 2015, which vest annually over 3 years in equal installments with the first vesting date on August 15, 2016. On August 15, 2016 a total of 27,200 shares vested. 7440 shares represents the aggregate number of shares of Issuer common stock withheld for payment of the tax liability incident to the vesting of the RSUs issued in accordance with Rule 16b-3.
- F2Performance based RSU shares vest once the Company's stock equals or exceeds $5.00 for 30 consecutive trading days after January 1, 2017 ("Performance Threshold"). Once Performance Threshold is satisfied the Performance-Based RSUs shall vest with respect to the number of Time-Based RSUs that have vested as of the date the Performance Threshold is satisfied and thereafter shall vest on the same schedule as the Time-Based RSUs (see footnote #4 below). If threshold is not met by the third anniversary of the grant date the award is terminated for no consideration.
- F3Column 8 is not an applicable reportable field.
- F4This Time Based RSU award vests from the original grant date as to 1/3 on the one year anniversary and 1/12 each quarter thereafter.