SEC Form 4 · accession 0000929887-15-000118
APOLLO EDUCATION GROUP INC · APOL
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Peter V Sperling
Officer — Chairman of the Board · Director
Period of report
Aug 12, 2015
Accepted (ET)
Aug 14, 2015 · 5:00 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000929887
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Class A Common StockF1,F2,F3,F4,F5,F6 | Aug 12, 2015 | A | 47,544 | $0.00 | A | 2,739,628 | D | |
| Class A Common StockF3,F4,F5 | Aug 13, 2015 | F | 2,530 | $12.04 | D | 2,737,098 | D | |
| Class A Common StockF8 | holding | — | — | — | 800,000 | I | John Sperling 1994 Irrevocable Trust | |
| Class A Common StockF9 | holding | — | — | — | 551,156 | I | Peter V. Sperling Revocable Trust |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Qualified Stock Option (right to buy)F10 | $12.41 | Aug 12, 2015 | A | 42,200 | A | — | Aug 11, 2021 | Class A Common Stock | 42,200 | 42,200 | D |
Explanation of responses
- F1Represents shares of the Issuer's Class A common stock underlying restricted stock units ("RSUs") granted to the Reporting Person. The RSUs are subject to both performance-vesting and service-vesting requirements. Should the performance objective be attained, then 25% of the RSUs will vest upon the Reporting Person's continuation in service with the Issuer through August 31, 2016, and the balance will vest in a series of three successive equal installments upon the Reporting Person's continuation in service with the Issuer through each of the second, third and fourth anniversaries of the August 12, 2015 grant date, subject to accelerated vesting upon certain changes in ownership or control of the Issuer. The shares of the Issuer's Class A common stock underlying the RSUs have been deferred and will be issued in one lump sum on January 1, 2024. (footnote continued below)
- F10The non-qualified stock option will vest and become exercisable for the underlying shares of the Issuer's Class A common stock in a series of four successive equal annual installments on each of the first four anniversaries of the August 12, 2015 grant date upon the Reporting Person's continuation in service with the Issuer through each such annual vesting date, subject to accelerated vesting upon certain changes in ownership or control of the Issuer.
- F2(continued from footnote 1 above) The RSUs also include dividend equivalent rights pursuant to which the Reporting Person will be credited with the same dividends on the shares of the Issuer's Class A common stock underlying the RSU grant that the Reporting Person would have received had those shares been actually outstanding at the time any dividends are paid on the Issuer's outstanding Class A common stock. The credited dividends will be paid to the Reporting Person at the same time the vested shares of the Issuer's Class A common stock to which they relate are issued under the RSU grant. When the vested shares of the Issuer's Class A common stock underlying the RSUs become issuable following the satisfaction of the applicable performance-vesting and service-vesting requirements, a portion of those shares will be withheld by the Issuer to cover the applicable withholding taxes.
- F3Includes (i) 47,544 shares of the Issuer's Class A common stock subject to the reported RSU award, (ii) 21,132 shares of the Issuer's Class A common stock subject to RSUs granted August 12, 2014, (iii) 13,460 shares of the Issuer's Class A common stock subject to RSUs granted August 13, 2013, (iv) 2,628 shares of the Issuer's Class A common stock subject to RSUs granted May 1, 2013, and (v) 2,081 shares of the Issuer's Class A common stock subject to RSUs granted July 2, 2012. The 21,132 shares listed in (ii) above will be issued when those units vest (subject to an initial performance-vesting requirement) in a series of four successive equal installments upon the Reporting Person's continuation in service with the Issuer through each of the August 31, 2015, August 12, 2016, August 12, 2017, and August 12, 2018 vesting dates. (footnote continued below)
- F4(continued from footnote 3 above) The 13,460 shares listed in (iii) above will be issued when those units vest in a series of two successive equal installments upon the Reporting Person's continuation in service with the Issuer through each of the August 13, 2016 and August 13, 2017 vesting dates. The 2,628 shares listed in (iv) above will be issued when those units vest upon the Reporting Person's continuation in service with the Issuer through the July 2, 2016 vesting date. The 2,081 shares listed in (v) above will be issued when those units vest upon the Reporting Person's continuation in service with the Issuer through the July 2, 2016 vesting date. All of the RSUs are subject to accelerated vesting upon certain changes in ownership or control of the Issuer.
- F5Does not include 705 target shares of the Issuer's Class A common stock subject to the performance share award made to the Reporting Person on July 2, 2012. The award will not actually convert into any shares of the Issuer's Class A common stock unless the applicable performance goals are attained at threshold level or above.
- F6Also includes 6,730 shares of the Issuer's Class A common stock subject to RSUs granted August 13, 2013, which were issued when those units vested on August 13, 2015.
- F7Represents shares of the Issuer's Class A common stock withheld to satisfy the Issuer's tax withholding obligation upon the vesting of RSUs and the issuance of the underlying shares of the Issuer's Class A common stock.
- F8By self as co-trustee and beneficiary of the John Sperling 1994 Irrevocable Trust dated April 27, 1994.
- F9By self as trustee and beneficiary of the Peter V. Sperling Revocable Trust dated January 31, 1995.