SEC Form 4 · accession 0000905718-17-000413
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
Mar 24, 2017
Accepted (ET)
Mar 28, 2017 · 5:48 pm EDT
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 | — | Mar 24, 2017 | J | 168,213 | A | Mar 24, 2017 | Jun 4, 2018 | Common Stock, $0.0001 par value per share | 168,213 | 168,213 | I |
| Equity SwapF4,F1,F5 | — | Mar 27, 2017 | J | 31,787 | A | Mar 27, 2017 | Jun 4, 2018 | Common Stock, $0.0001 par value per share | 31,787 | 31,787 | 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 March 24, 2017, the Reporting Person entered into an equity swap (the "March 24 Swap") with a securities broker under which, on June 4, 2018, (i) the Reporting Person will be obligated to pay to the broker approximately $1,203,244 representing $7.1531 per share (including a $0.03 per share commission) for each share of common stock, par value $0.0001 per share, of the Company (the "Common Stock") that is subject to the March 24 Swap, and (ii) the broker will be obligated to pay to the Reporting Person the market value of the 168,213 shares of Common Stock as of the end of the period. Any dividends earned on the 168,213 shares of Common Stock during the term of the March 24 Swap will be paid to the Reporting Person.
- F3During the term of the March 24 Swap, the Reporting Person will pay to the broker "interest" on an aggregate of approximately $1,203,244 at the Federal Funds rate plus 30 basis points. Of the 168,213 shares underlying the March 24 Swap reported herein referenced in Table II, on March 24, 2017, PWIMF held the economic equivalent of 150,624 shares of Common Stock, and PWPI held the economic equivalent of 17,589 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.
- F4Commencing March 27, 2017, the Reporting Person entered into an equity swap (the "March 27 Swap") with a securities broker under which, on June 4, 2018, (i) the Reporting Person will be obligated to pay to the broker approximately $226,441 representing $7.1237 per share (including a $0.03 per share commission) for each share of Common Stock that is subject to the March 27 Swap, and (ii) the broker will be obligated to pay to the Reporting Person the market value of the 31,787 shares of Common Stock as of the end of the period. Any dividends earned on the 31,787 shares of Common Stock during the term of the March 27 Swap will be paid to the Reporting Person.
- F5During the term of the March 27 Swap, the Reporting Person will pay to the broker "interest" on an aggregate of approximately $226,441 at the Federal Funds rate plus 30 basis points. Of the 31,787 shares underlying the March 27 Swap reported herein referenced in Table II, on March 27, 2017, PWIMF held the economic equivalent of 28,117 shares of Common Stock, and PWPI held the economic equivalent of 3,670 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.