SEC Form 4 · accession 0001209191-16-151811
PHH CORP · PHH
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Glen A. Messina
Officer — President and CEO · Director
Period of report
Nov 18, 2016
Accepted (ET)
Nov 22, 2016 · 8:10 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000077776
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2,F3 | Nov 18, 2016 | D | 40,202 | $14.87 | D | 333,536 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Each Performance Restricted Stock Unit ("PRSU") represented a contingent right to receive one share of PHH Corporation common stock upon PHH Corporation's Human Capital & Compensation Committee's (the "HC&CC") determination that the Total Shareholder Return and Compounded Annual Growth Rate equaled or exceeded a targeted performance level.
- F2As reported in our 2015 and 2016 Proxy Statements, the sale of the Fleet business resulted in the closure of the performance period for this award. The HC&CC reviewed performance against the target and determined the number of PRSUs earned, subject to vesting based on continued service through November 10, 2016, at which time the earned PRSUs vested and became settleable solely in cash based on PHH Corporation's trading price on November 10, 2016. The cash amount payable upon settlement of the 40,201.50 PRSUs on November 18, 2016 was $597,796.30.
- F3Includes 260,893 shares of common stock underlying unvested Restricted Stock Units ("RSUs"). Each RSU represents the right to receive one share of common stock upon vesting.