SEC Form 4 · accession 0001209191-17-037060
RigNet, Inc. · RNET
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Steven Edward Pickett
Officer — Chief Executive Officer · Director
Period of report
May 31, 2017
Accepted (ET)
Jun 2, 2017 · 1:39 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 Stock | May 27, 2017 | M | 3,929 | $0.00 | A | 3,929 | 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,F1 | — | May 31, 2017 | M | 3,929 | D | — | — | Common Stock | 3,929 | 11,788 | D |
| Restricted Stock UnitF2,F3 | — | holding | — | — | — | — | — | Common Stock | 12,404 | 12,404 | D |
| Performance UnitF4,F5 | — | holding | — | — | — | — | — | Common Stock | 328 | 328 | D |
| Stock OptionsF6 | — | holding | — | — | — | — | May 27, 2026 | Common Stock | 100,000 | 100,000 | D |
Explanation of responses
- F1On May 27, 2016, the reporting person was granted 15,717 restricted stock units, of which 1/4 of the shares subject to the restricted stock units vested on May 31, 2017. The common stock into which such vested restricted stock units converted on May 31, 2017 is reported on Table I on this Form 4. The remaining unvested restricted stock units will continue to vest in equal annual installments until fully vested on May 31, 2020.
- F2Each restricted stock unit represents the right to receive, at settlement, one share of common stock.
- F3These restricted stock units vest in four equal annual installments beginning March 19, 2018 and will be fully vested on March 19, 2021.
- F4Each 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.
- F5The 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.
- F6These options vest in four equal annual installments beginning May 31, 2017 and will be fully vested on May 31, 2020.