SEC Form 4 · accession 0001209191-16-143424
ECHELON CORP · ELON
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Sohrab Modi
Officer — VP and CTO
Period of report
Sep 28, 2016
Accepted (ET)
Sep 30, 2016 · 7:48 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000031347
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance SharesF1,F2 | — | Sep 28, 2016 | A | 21,000 | A | — | Sep 28, 2018 | Common Stock | 21,000 | 21,000 | D |
| Employee Stock Option (right to buy)F3 | $5.22 | Sep 28, 2016 | A | 21,000 | A | — | Sep 28, 2026 | Common Stock | 21,000 | 21,000 | D |
Explanation of responses
- F1Each performance share represents the right to receive one share of the Issuer's Common Stock.
- F2Pursuant to the Issuer's 1997 Stock Plan (the "Plan") the Reporting Person was granted 21,000 performance shares on September 28, 2016. 10,500 shares will vest on September 28, 2017 and 10,500 shares will vest on September 28, 2018.
- F3Pursuant to the Plan the Reporting Person was granted an option to buy 21,000 shares of Common Stock. 1/2 of such shares will vest on September 28, 2017 and 1/24th of such shares granted will vest monthly thereafter. This option will be fully vested on September 28, 2018.