Monnet Dominique 4
4 · PDL BIOPHARMA, INC. · Filed Sep 13, 2017
Insider Transaction Report
Form 4
Monnet Dominique
President
Transactions
- Award
Common stock
2017-09-12+240,200→ 240,200 total - Award
Stock Option (right to buy)
2017-09-11+961,000→ 961,000 totalExercise: $3.21Exp: 2027-09-10→ Common stock (961,000 underlying)
Footnotes (2)
- [F1]The 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.
- [F2]The 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.