4//SEC Filing
ORBCOMM Inc. 4
Accession 0001140361-14-013382
CIK 0001361983operating
Filed
Mar 17, 8:00 PM ET
Accepted
Mar 18, 6:37 PM ET
Size
17.1 KB
Accession
0001140361-14-013382
Insider Transaction Report
Form 4
ORBCOMM Inc.ORBC
Shay Patrick A.
EVP of Sales and Marketing
Transactions
- Sale
Common Stock
2014-03-14$7.74/sh−7,100$54,940→ 15,798 total
Holdings
- 30,000
Stock Appreciation Right
Exercise: $3.38→ Common Stock (30,000 underlying) - 0
Performance Right (Performance Unit Award)
→ Common Stock - 6,000
Restricted Stock Unit (Performance vested)
- 20,000
Restricted Stock Unit (Time vested)
- 18,000
Stock Appreciation Right
Exercise: $5.92→ Common Stock (18,000 underlying) - 32,000
Stock Appreciation Right
Exercise: $3.38→ Common Stock (32,000 underlying) - 0
Performance Right (Performance Unit Award)
→ Common Stock
Footnotes (9)
- [F1]The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person, to cover tax withholding obligations upon vesting.
- [F2]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $7.64 to $7.84, inclusive. The reporting person undertakes to provide to ORBCOMM Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
- [F3]Each Performance Vested Restricted Stock Unit ("PV RSU") represents the right to receive one share of common stock. The PV RSU awards will vest based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2014.
- [F4]Each Time Vested Restricted Stock Unit ("TV RSU") represents the right to receive one share of common stock. One-third of the original 30,000 TV RSU awards vested on December 3, 2013. The remaining two-thirds of the TV RSU awards will vest in equal installments on each of December 3, 2014 and December 3, 2015.
- [F5]Each Time Vested Stock Appreciation Right ("TV SAR") represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the TV SAR to the date of exercise of the TV SAR. The TV SAR awards will vest on January 1, 2015. The TV SAR awards expire on December 12, 2023 and have an exercise price of $5.92 per share, the closing price of the common stock on the grant date.
- [F6]Each TV SAR represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the TV SAR to the date of exercise of the TV SAR. The TV SAR awards vested on January 1, 2014. The TV SAR awards expire on December 3, 2022 and have an exercise price of $3.38 per share, the closing price of the common stock on the grant date.
- [F7]Each TV SAR represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the TV SAR to the date of exercise of the TV SAR. One-third of the original 30,000 TV SAR awards vested on December 3, 2013. The remaining two-thirds of the TV SAR awards will vest in equal installments on each of December 3, 2014 and December 3, 2015. The TV SAR awards expire on December 3, 2022 and have an exercise price of $3.38 per share, the closing price of the common stock on the grant date.
- [F8]The 2013 Performance Unit Award ("PUA") represents the right to receive up to 45% of the reporting person's 2013 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2013 PUA is allocated in 3 equal amounts (15% of 2013 base salary) to each of 2013, 2014 and 2015 and will vest and be payable only if the stock price reaches specified price targets as of 12/31 of each year and the reporting person is employed by the Company as of the vesting and payment date. No portion of the 2013 PUA will vest if the threshold stock price is not reached for that year. If the stock price is above the threshold level for that year, the amount of the 2013 PUA that will vest and be payable will increase up to the maximum portion of the 2013 PUA allocated to that year. The market price of the Company's common stock as of 12/31 of each year will be based on average daily closing prices of the common stock for the 20 trading days immediately prior to 12/31.
- [F9]The 2014 PUA represents the right to receive up to 45% of the reporting person's 2014 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2014 PUA is allocated in 3 equal amounts (15% of 2014 base salary) to each of 2014, 2015 and 2016 and will vest and be payable only if the stock price reaches specified price targets as of December 31 of each year and the reporting person is employed by the Company as of the vesting and payment date. No portion of the 2014 PUA will vest if the threshold stock price is not reached for that year. If the stock price is above the threshold level for that year, the amount of the 2014 PUA that will vest and be payable will increase up to the maximum portion of the 2014 PUA allocated to that year. The market price of the Company's common stock as of December 31 of each year will be based on average daily closing prices of the common stock for the 20 trading days immediately prior to December 31.
Documents
Issuer
ORBCOMM Inc.
CIK 0001361983
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0001361983
Filing Metadata
- Form type
- 4
- Filed
- Mar 17, 8:00 PM ET
- Accepted
- Mar 18, 6:37 PM ET
- Size
- 17.1 KB