SEC Form 4 · accession 0000905718-17-000172
Kindred Biosciences, Inc. · KIN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Park West Asset Management LLC
10% Owner
Period of report
Feb 1, 2017
Accepted (ET)
Feb 3, 2017 · 5:12 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001561743
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity SwapF2,F1,F3 | — | Feb 1, 2017 | J | 30,000 | A | Feb 1, 2017 | Jun 4, 2018 | Common Stock, $.0001 par value per share | 30,000 | 30,000 | I |
Explanation of responses
- F1Park West Asset Management LLC (the "Reporting Person") is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company ("PWIMF"), and Park West Partners International, Limited, a Cayman Islands exempted company ("PWPI"). Peter S. Park ("Mr. Park") is the sole member and manager of the Reporting Person.
- F2Commencing February 1, 2017 (the "Event Date"), the Reporting Person entered into an equity swap with a securities broker under which, on June 4, 2018, (i) the Reporting Person will be obligated to pay to the broker $197,376 representing $6.5792 per share (including a $0.03 per share commission) for each share of Common Stock that is subject to the equity swap, and (ii) the broker will be obligated to pay to the Reporting Person the market value of the 30,000 shares of Common Stock as of the end of the period. Any dividends earned on the 30,000 shares of Common Stock during the term of the equity swap will be paid to the Reporting Person.
- F3During the term of the equity swap, the Reporting Person will pay to the broker "interest" on an aggregate of approximately $197,376 at the Federal Funds rate plus 30 basis points. Of the 30,000 shares underlying the equity swap reported herein referenced in Table II, on the Event Date, PWIMF held the economic equivalent of all 30,000 shares of Common Stock and PWPI held the economic equivalent of no shares of Common Stock. Pursuant to Reg. Section 240.16a-1(a)(2), the Reporting Person's and Mr. Park's beneficial ownership is limited to their pecuniary interest, if any, in such securities.