SEC Form 4 · accession 0001372414-16-000080
AEROHIVE NETWORKS, INC · HIVE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Changming Liu
Director
Period of report
Jun 1, 2016
Accepted (ET)
Jun 3, 2016 · 7:39 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001372414
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2 | Jun 1, 2016 | F | 2,544 | $6.26 | D | 159,917 | D | |
| Common StockF3,F4 | Jun 1, 2016 | A | 20,000 | $0.00 | A | 184,917 | D | |
| Common StockF1 | holding | — | — | — | 1,150,400 | I | See footnote | |
| Common StockF5 | holding | — | — | — | 400,000 | I | See footnote |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Common StockF6 | $0.00 | Jun 1, 2016 | A | 20,000 | A | — | Jun 1, 2019 | Common Stock | 20,000 | 20,000 | D |
| Employee Stock OptionF7 | $6.26 | Jun 1, 2016 | A | 40,000 | A | — | Jun 1, 2026 | Common Stock | 40,000 | 40,000 | D |
Explanation of responses
- F1The shares are held by the Liu-Wei Trust, for which the Reporting Person serves as trustee.
- F2In an exempt disposition to the Issuer under rule 16b-3(e), the Issuer withheld shares otherwise to be delivered to the Reporting Person in connection with the satisfaction of tax withholding obligations arising out of the vesting of previously reported restricted stock units, or RSUs..
- F3Each restricted stock unit (RSU) represents the contingent right to receive, following vesting, one share of the Issuer's Common Stock.The shares will vest ratably in twelve equal quarterly installments as of March 1, June 1, September 1, and December 1 of each year, with the first quarterly vesting occurring as of September 1, 2016 and the last quarterly vesting occurring as of June 1, 2019, subject to the Reporting Person continuing as a service provider through each such date.
- F4Includes 5,000 shares the Reporting Person acquired on June 1, 2016 under the Aerohive Networks 2014 Employee Stock Purchase Plan.
- F5The shares are held by the Liu/Wei 2012 Irrevocable Descendants' Trust dated December 19, 2012, for which the Reporting Person's spouse serves as trustee.
- F6Each restricted stock unit (RSU) represents the contingent right to receive, following vesting, one share of the Issuer's Common Stock.The performance-based award is subject to achievement of specified stock price appreciation goals based on the trailing 20-day average closing share price of the Issuer's Common Stock.
- F7The shares subject to each award will vest ratably in 36 equal monthly installments, with the first monthly vesting occurring as of July 1, 2016 and the last monthly vesting occurring as of June 1, 2019, subject to the Reporting Person continuing as a service provider through each such date.