SEC Form 4 · accession 0001209191-17-022723
RigNet, Inc. · RNET
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Charles E. Schneider
Officer — CFO and Senior Vice President
Period of report
Mar 23, 2017
Accepted (ET)
Mar 24, 2017 · 12:09 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001162112
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Mar 23, 2017 | S | 568 | $19.70 | D | 6,193 | D | |
| Common StockF1 | Mar 24, 2017 | S | 1,712 | $19.94 | D | 4,481 | 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 UnitF2,F3 | — | holding | — | — | — | — | — | Common Stock | — | 19,500 | D |
| Restricted Stock UnitF2,F4 | — | holding | — | — | — | — | — | Common Stock | 11,637 | 11,637 | D |
| Restricted Stock UnitF5,F2 | — | holding | — | — | — | — | — | Common Stock | 12,000 | 12,000 | D |
| Performance UnitF6,F7 | — | holding | — | — | — | — | — | Common Stock | 541 | 541 | D |
Explanation of responses
- F1This total includes 4,481 restricted stock units granted to the reporting person on December 8, 2015 and previously reported on Form 4 on December 8, 2015.
- F2Each restricted stock unit represents the right to receive, at settlement, one share of common stock.
- F3On March 10, 2016, the reporting person was granted 26,000 restricted stock units, of which 1/4th of the shares subject to the restricted stock units vested on March 19, 2017. The common stock into which such vested restricted stock units converted on March 19, 2017 is reported in Table I on this Form 4.
- F4These restricted stock units are scheduled to vest in four equal installments beginning on March 19, 2018 and will be fully vested on March 19, 2021.
- F5These restricted stock units are scheduled to fully vest on March 19, 2019 but may vest earlier upon certain circumstances as defined in the Issuer's Restricted Stock Unit Award Agreement.
- F6Each performance unit represents a contingent right to receive one share of the Issuer's common stock under the Issuer's 2010 Omnibus Incentive Plan, as amended. On March 10, 2016, the reporting person was awarded a target number of performance units ("PUs") which were subject to the achievement of certain pre-established metrics over a one-year performance period which began on January 1, 2016 and ended December 31, 2016. On Mach 15, 2017, the Compensation Committee of the Issuer's Board of Directors certified the performance metrics and determined the number of PUs that were earned by the reporting person.
- F7The PUs become payable on July 1, 2019, but may be settled earlier upon certain circumstances as defined in the Issuer's Performance Unit Award Agreement.