4//SEC Filing
Boubazine Abdelhakim 4
Accession 0000947871-20-000964
CIK 0001702780other
Filed
Dec 22, 7:00 PM ET
Accepted
Dec 23, 8:13 PM ET
Size
7.1 KB
Accession
0000947871-20-000964
Insider Transaction Report
Form 4
Altice USA, Inc.ATUS
Boubazine Abdelhakim
Co-President & COO
Transactions
- OtherSwap
Variable Prepaid Share Forward Transaction
2020-12-22+1,385,498→ 1,385,498 total→ Class A common stock (1,385,498 underlying)
Footnotes (3)
- [F1]On December 22, 2020, the reporting person entered into a Variable Prepaid Forward Transaction (the "Transaction") with an unaffiliated bank (the "Bank") relating to 1,385,498 shares of Class A common stock of the Issuer (the "Shares"). On December 22, 2022 (the "Valuation Date"), the reporting person will be obligated to deliver to the Bank a number of Shares determined as follows (or, at the reporting person's election, it may pay an equivalent amount in cash on the cash settlement date(s)): (a) if the closing price per Share on the Valuation Date (the "Settlement Price") is less than $36.0135 (the "Floor Price"), the Shares;
- [F2](b) if the Settlement Price is greater than the Floor Price but less than or equal to $48.6182 (the "Cap Price"), the Shares multiplied by the Floor Price divided by the Settlement Price; and (c) if the Settlement Price is greater than the Cap Price, the Shares multiplied by (1 - ((Cap Price - Floor Price), divided by the Settlement Price)).
- [F3]In exchange for assuming this obligation, the reporting person is receiving a cash payment of $42,970,943.38 in connection with entering into the Transaction. The reporting person pledged 1,385,498 Shares (the "Pledged Shares") to the Bank to secure its obligations under the Transaction. The reporting person retains voting rights in the Pledged Shares during the term of the pledge, subject to the Bank's exercise of default remedies. The terms of the Transaction may be adjusted to account for the economic effects of dividends paid during the term of the pledge.
Documents
Issuer
Altice USA, Inc.
CIK 0001702780
Entity typeother
Related Parties
1- filerCIK 0001708709
Filing Metadata
- Form type
- 4
- Filed
- Dec 22, 7:00 PM ET
- Accepted
- Dec 23, 8:13 PM ET
- Size
- 7.1 KB