SEC Form 4 · accession 0001395942-16-000359
OPENLANE, Inc. · OPLN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael T. Kestner
Director
Period of report
Oct 4, 2016
Accepted (ET)
Oct 6, 2016 · 5:34 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001395942
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | holding | — | — | — | 5,922 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom StockF4,F5,F1,F3 | — | Oct 4, 2016 | A | 55 | A | — | — | Common Stock | 55 | 357 | D |
| Phantom StockF1,F2,F3 | — | holding | — | — | — | — | — | Common Stock | 7,997 | 7,997 | D |
Explanation of responses
- F1The phantom stock will convert into shares of KAR common stock on a one-for-one basis.
- F2Represents director fees deferred in the reporting person's account in the KAR Auction Services, Inc. Directors Deferred Compensation Plan. Shares of restricted stock were granted on June 8, 2016 at a price of $41.30 per share and will be settled only for shares of KAR common stock on a one-for-one basis. These shares of restricted stock were granted pursuant to the KAR Auction Services, Inc. 2009 Omnibus Stock and Incentive Plan and one-fourth of the grant vests every three months from the date of the grant and such grant is subject to forfeiture until vested.
- F3The reporting person will receive shares of KAR common stock, on a one-for-one basis, at a future date(s) specified by him pursuant to the deferred compensation plan.
- F4Reflects the reinvestment of dividend equivalents in additional shares of phantom stock pursuant to the terms of the KAR Auction Services, Inc. Directors Deferred Compensation Plan.
- F5Reflects dividend payment of which 323.3889 shares are vested and the remaining shares will vest as follows: 11.1072 shares vest on December 7, 2016, 11.1072 shares vest on March 7, 2017 and the remaining 11.1073 shares vest on June 7, 2017.