SEC Form 4 · accession 0001127602-17-026732
INSULET CORP · PODD
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Patrick J Sullivan
Officer — CEO and Chairman of the Board · Director
Period of report
Aug 28, 2017
Accepted (ET)
Aug 30, 2017 · 6:07 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001145197
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance Vesting Restricted Stock UnitsF1 | $0.00 | Aug 28, 2017 | A | 50,000 | A | — | — | Common Stock | 50,000 | 50,000 | D |
Explanation of responses
- F1Represents a grant of 50,000 performance vesting restricted stock units ("PRSUs"), each of which represents a contingent right to receive one share of common stock. The PRSUs are subject to dual performance-based and time-based vesting requirements. The performance criteria is as follows: (i) for 15,000 of the PRSUs, the Company beginning to recognize revenue from direct operations in Europe, (ii) for 15,000 of the PRSUs, the Company recognizing certain cumulative revenue metrics from direct operations in Europe, and (iii) for 20,000 of the PRSUs, the Company completing certain manufacturing expansion activities. Each of the performance criteria may be satisfied during the performance period beginning on the grant date and ending on December 31, 2019. The time-based vesting requirements will be satisfied if Mr. Sullivan remains a service provider through the third anniversary of the grant date, provided that the time-based requirements are subject to earlier satisfaction under certain circumstances (including certain retirement scenarios) pursuant to the terms of Mr. Sullivan's existing employment agreement.