SEC Form 4 · accession 0000882104-17-000091
PDL BIOPHARMA, INC. · PDLI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Dominique Monnet
Officer — President
Period of report
Sep 11, 2017
Accepted (ET)
Sep 13, 2017 · 5:12 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000882104
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common stockF1 | Sep 12, 2017 | A | 240,200 | $0.00 | A | 240,200 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (right to buy)F2 | $3.21 | Sep 11, 2017 | A | 961,000 | A | — | Sep 10, 2027 | Common stock | 961,000 | 961,000 | D |
Explanation of responses
- F1The restricted stock will vest in three equal installments on each of December 12, 2018, 2019 and 2020, provided that the recipient's continuous service has not terminated prior to the applicable vesting date, subject to earlier vesting upon a change in control and certain qualifying terminations of employment provided in the severance agreement between the issuer and the recipient.
- F2The stock options will vest as follows: (a) 25% of the shares subject to the option shall vest on September 10, 2018; (b) 25% of the shares subject to the option shall vest on a monthly basis pro rata over the thirty-six (36) months following September 10, 2018; (c) 25% of the shares subject to the option shall vest upon a 33% increase in the price of the issuer's common stock above the exercise price of the option for 20 consecutive trading days; and(d) 25% of the shares subject to the option shall vest upon a 50% increase in the price of the issuer's common stock above the exercise price of the option for 20 consecutive trading days, provided that the recipient's continuous service has not terminated prior to the applicable vesting date, subject to earlier vesting upon a change in control and certain qualifying terminations of employment provided in the severance agreement between the issuer and the recipient.