SEC Form 4 · accession 0000899243-16-015836
AVID TECHNOLOGY, INC. · AVID
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Louis Hernandez Jr.
Officer — Chairman, Pres. & CEO · Director
Period of report
Mar 9, 2016
Accepted (ET)
Mar 11, 2016 · 8:17 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000896841
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Mar 9, 2016 | A | 212,766 | $0.00 | A | 523,201 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance Rights (Restricted Stock Units)F2 | — | Mar 9, 2016 | A | 212,766 | A | — | Jan 1, 2020 | Common Stock | 212,766 | 212,766 | D |
Explanation of responses
- F1Represents an award of restricted stock units ("RSUs") that will vest on a time-based vesting schedule as follows: 33.33% on the first anniversary of the grant date of March 9, 2016, and the remaining 66.66% in equal 8.33% installments every 3 months thereafter, provided the reporting person continues to be employed by Avid Technology, Inc. (the "Issuer") on each such vesting date. Each RSU represents the contingent right to receive one share of the Issuer's common stock. This award includes a provision for the withholding of shares by the Issuer to pay the withholding taxes due on each such vesting date.
- F2Represents an award of RSUs that will vest on a performance-based schedule tied to the Issuer's stock price in 2016, 2017 or 2018 or the achievement of certain financial metrics in 2016. Each RSU represents the contingent right to receive one share of the Issuer's common stock. This award includes a provision for the withholding of shares by the Issuer to pay the withholding taxes due on each such vesting date.