SEC Form 4 · accession 0001249155-16-000071
S&W Seed Co · SANW
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Matthew K Szot
Officer — EVP Finance & Admin and CFO
Period of report
Oct 1, 2016
Accepted (ET)
Oct 4, 2016 · 5:07 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001477246
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | Oct 1, 2016 | M | 4,722 | $0.00 | A | 52,646 | D | |
| Common Stock | Oct 1, 2016 | M | 1,931 | $0.00 | A | 54,577 | D | |
| Common Stock | Oct 1, 2016 | F | 2,500 | $5.10 | D | 52,077 | D | |
| Common StockF5 | Oct 3, 2016 | S | 1,100 | $5.1505 | D | 50,977 | D | |
| Common Stock | Oct 3, 2016 | M | 50,000 | $4.20 | A | 100,977 | D | |
| Common StockF7 | Oct 3, 2016 | S | 50,000 | $5.0984 | D | 50,977 | 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 UnitsF8,F9 | — | Oct 3, 2016 | M | 4,722 | D | — | — | Common Stock | 4,722 | 18,892 | D |
| Restricted Stock UnitstF8,F10 | — | Oct 3, 2016 | M | 1,931 | D | — | — | Common Stock | 1,931 | 13,526 | D |
| Employee Stock Options (right to buy)F11 | $4.20 | Oct 3, 2016 | M | 50,000 | D | — | Oct 24, 2016 | Common Stock | 50,000 | 0 | D |
Explanation of responses
- F1Represents the conversion upon vesting of restricted stock units ("RSUs") into common stock. On March 16, 2013, the reporting person was granted 100,000 RSUs (the "2013 RSU grant") that were previously reported on Table II of Form 4, which form was filed with the Securities and Exchange Commission (the "SEC") on March 19, 2013.
- F10On July 15, 2015, the reporting person was granted 25,000 RSUs, of which 1,931 vested on October 1, 2016. The common stock into with such vested RSUs converted on October 1, 2016 is reported on Table I of this Form 4. The remaining unvested RSUs will continue to vest six additional quarterly installments of 1,931 RSUs on the first day of each fiscal quarter and a final quarterly installment will vest an aggregate of 1,940 RSUs on July 1, 2018, subject to the reporting person's continued service with the Issuer through the vesting date. Vested shares will be delivered to the reporting person on the settlement date unless the Issuer elects to settle the RSUs in cash or a combination of shares and cash, at the Issuer's discretion.
- F11The options vested and became exercisable in eight quarterly installments over two years, commencing on January 1, 2012 and continuing thereafter on the first day of each succeeding fiscal quarter through and including October 1, 2014.
- F2Represents the conversion upon vesting of RSUs into common stock. On July 15, 2015, the reporting person was granted 25,000 RSUs (the "2015 RSU grant") that were previously reported on Table II of Form 4, which form was filed with the SEC on July 17, 2015.
- F3The reporting person is reporting the withholding by the Issuer of an aggregate of 2,500 shares of common stock that vested on October 1, 2016 pursuant to the 2013 RSU grant and the 2015 RSU grant but that were not issued in order to satisfy the reporting person's tax withholding obligations in connection with the delivery of the converted common stock to the reporting person as of October 1, 2016.
- F4The sales reported on this Form 4 were made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person.
- F5This transaction was executed in multiple trades at prices ranging from $5.1500 to $5.1600. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares sold at each separate price for all transactions reported on this Form 4.
- F6Shares issued pursuant to the exercise of vested stock options.
- F7This transaction was executed in multiple trades at prices ranging from $5.0900 to $5.1400 per share. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security older of the Issuer, full information regarding the number of shares sold at each separate price for all transactions reported on this Form 4.
- F8Each RSU is the economic equivalent of one share of S&W Seed Company common stock. The closing price of SANW on September 30, 2016 (the last trading day before the October 1, 2016 vesting date, which fell on a weekend) was $5.10.
- F9On March 16, 2013, the reporting person was granted 100,000 RSUs, of which 4,722 vested on October 1, 2016. The common stock into which such vested RSUs converted on October 1, 2016 is reported on Table I of this Form 4. The remaining unvested RSUs will continue to vest in three additional quarterly installments of 4,722 RSUs on the first day of each fiscal quarter and a final quarterly installment will vest an aggregate of 4,726 RSUs on October 1, 2017, subject to the reporting person's continued service with the Issuer through the vesting date. Vested shares will be delivered to the reporting person on the settlement date unless the Issuer elects to settle the RSUs in cash or a combination of shares and cash, at the Issuer's discretion.