SEC Form 4 · accession 0001209191-16-117143
PORTOLA PHARMACEUTICALS INC · PTLA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
William Lis
Officer — Chief Executive Officer · Director
Period of report
May 1, 2016
Accepted (ET)
May 3, 2016 · 7:37 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001269021
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | May 1, 2016 | A | 40,000 | $0.00 | A | 40,000 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock OptionF2,F3 | $23.76 | May 1, 2016 | A | 80,000 | A | May 1, 2016 | Apr 30, 2026 | Common Stock | 80,000 | 80,000 | D |
Explanation of responses
- F1Grant of Restricted Stock Units ("RSU") that vests annually over three years commencing on March 1, 2016, subject to Reporting Person's Continuous Service as of each such date.
- F2In May 2016, Issuer's Board of Directors ("Board") approved one-time retention equity awards to all employees hired prior to March 1, 2016, including the Issuer's executive officers. The Board believes these awards are critical to employee retention in a competitive labor market after a significant decline in the Issuer's stock price. For senior management, these equity awards consist of time-based RSUs and performance-based stock options earned on achievement of pivotal commercial, regulatory and manufacturing milestones through 2018.
- F3Grant of an option to purchase 80,000 shares of common stock. The options vests in three equal installments based on Issuer's satisfaction of certain performance criteria for each of the fiscal years ending December 31, 2016, 2017, and 2018.