4//SEC Filing
Haughton Jeffrey 4
Accession 0000899243-18-011378
CIK 0001550695other
Filed
May 2, 8:00 PM ET
Accepted
May 3, 6:49 PM ET
Size
11.0 KB
Accession
0000899243-18-011378
Insider Transaction Report
Form 4
Haughton Jeffrey
Executive Vice President
Transactions
- Exercise/Conversion
Restricted Stock Units
2018-05-01+120,000→ 120,000 total→ Common Stock (120,000 underlying) - Exercise/Conversion
Restricted Stock Units
2018-05-01+160,000→ 160,000 total→ Common Stock (160,000 underlying)
Footnotes (5)
- [F1]Each restricted stock unit represents a contingent right to receive one share of PFMT's common stock. The units were awarded at no cost to the Reporting Person.
- [F2]Restricted Stock Unit award was granted on May 1, 2018 and vests at a rate of 25% annually on the first, second, third and fourth anniversaries of March 29, 2018, provided that the Reporting Person remains in continuous service through each vest date.
- [F3]Restricted Stock Unit award was granted on May 1, 2018. The number of Restricted Stock Units reported represents the maximum of 200% of the target level for this Restricted Stock Unit award. These Restricted Stock Units shall vest over a nearly four year period based upon continuing service and the trading price of PFMT's Common Stock during the relevant vesting period. Specifically, and subject to the vesting limitations described in the following sentence, the trading price for PFMT's shares will need to be sustained for 60 consecutive trading days for one of the following vesting thresholds to have been met: (1) $3.50 per share stock price for 60 consecutive trading days triggers 12.5% vesting; (2) $3.75 per share stock price for 60 consecutive trading days triggers 25% vesting;
- [F4](Continued from footnote 3) (3) $4.00 per share stock price for 60 consecutive trading days triggers 37.5% vesting; (4) $4.25 per share stock price for 60 consecutive trading days triggers 50% vesting; (5) $4.50 per share stock price for 60 consecutive trading days triggers 66.5% vesting; (6) $4.75 per share stock price for 60 consecutive trading days triggers 83% vesting; and (7) $5.00 per share stock price for 60 consecutive trading days triggers 100% vesting (the "Share Price Thresholds"). On March 29 in each of 2019, 2020, 2021 and 2022 (each a "vesting date"), if the Share Price Thresholds have been achieved during the preceding year and assuming the Reporting Person's continued service to PFMT (1) up to a maximum of 25% of the Restricted Stock Units will vest upon the first vesting date; (2) up to a maximum of 50% of the Restricted Stock Units will vest upon the second vesting date; (3) up to a maximum of 75% of the Restricted Stock Units will vest upon the third vesting date;
- [F5](Continued from footnote 4) and (4) up to 100% of the Restricted Stock Units will vest upon the fourth vesting date. That portion of the Restricted Stock Units that would vest solely on the basis of the share price thresholds that exceeds the maximum vesting limitations for the first, second and third vesting dates will not vest until the subsequent vesting date or dates (e.g., if the $4.25 per share trading price threshold is attained prior to the first vesting date which would otherwise trigger 50% vesting, then 25% of Restricted Stock Units will vest as of the first vesting date, with the remaining 25% of the Restricted Stock Units to vest as of the second vesting date, subject to the vesting limitations as of such vesting date and continued service as of such vesting date). Linear interpolation will be applied between milestones for determining vesting on the third and fourth vesting dates.
Documents
Issuer
Performant Financial Corp
CIK 0001550695
Entity typeother
Related Parties
1- filerCIK 0001651181
Filing Metadata
- Form type
- 4
- Filed
- May 2, 8:00 PM ET
- Accepted
- May 3, 6:49 PM ET
- Size
- 11.0 KB