SEC Form 4 · accession 0000912833-17-000011
WEST MARINE INC · WMAR
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jeff Lasher
Officer — Chief Financial Officer
Period of report
Mar 14, 2017
Accepted (ET)
Mar 16, 2017 · 7:27 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000912833
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Mar 14, 2017 | A | 15,935 | $0.00 | A | 54,297 | D | |
| Common StockF3 | Mar 14, 2017 | A | 1,927 | $9.25 | A | 56,224 | D | |
| Common StockF4 | Mar 14, 2017 | F | 626 | $9.25 | D | 55,598 | D | |
| Common StockF5,F6 | Mar 14, 2017 | F | 2,041 | $9.25 | D | 53,557 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1This award of restricted stock units ("RSUs") vests in three annual installments of 33%, 33% and 34% on March 14, 2018, 2019 and 2020, respectively.
- F2This award of RSUs was issued pursuant to the terms of the West Marine, Inc. Omnibus Equity Incentive Plan, as amended and restated. Each RSU represents a contingent right to receive one share of common stock upon vesting.
- F3Performance-based restricted stock units ("PVUs") awarded on March 14, 2016 were subject to the achievement of a certain pre-established metric over the one-year performance period ending at the end of fiscal 2016. The Compensation and Leadership Development Committee of the Issuer's Board of Directors certified the performance metric and determined the number of PVUs that were earned. The PVUs vest over a three year period, of which 33% vested on the first anniversary (March 14, 2017), another 33% vesting on the second anniversary of the grant date and 34% vesting on the third anniversary of the grant date, in each case subject to the continued employment with the Issuer. Upon vesting, each PVU has the same terms as the RSUs, as described and included in footnote 1.
- F4Shares withheld to cover the income taxes related to the vesting of 1,927 PVUs on March 14, 2017.
- F5Shares withheld to cover the income taxes related to the vesting of 5,286 RSUs on March 14, 2017. These RSUs were awarded on March 14, 2016 and the remaining 10,735 RSUs vest 33% and 34% on March 14, 2018 and 2019, respectively.
- F6Includes 41,410 unvested RSUs. Does not include 6,477 unvested PVUs.