4//SEC Filing
Milcos Constantine 4
Accession 0001140361-21-006983
CIK 0001361983other
Filed
Mar 1, 7:00 PM ET
Accepted
Mar 2, 6:40 PM ET
Size
18.3 KB
Accession
0001140361-21-006983
Insider Transaction Report
Form 4
ORBCOMM Inc.ORBC
Milcos Constantine
Sr. VP, Chief Acct Officer
Transactions
- Award
Common Stock
2021-02-26+18,654→ 112,402 total
Holdings
- 0
Performance Right (Performance Unit Award)
→ Common Stock - 24,311
Restricted Stock Unit (Time Vested)
Exercise: $0.00→ Common Stock (24,311 underlying) - 24,311
Restricted Stock Unit (Performance Vested)
Exercise: $0.00→ Common Stock (24,311 underlying) - 0
Performance Right (Performance Unit Award)
→ Common Stock - 6,100
Stock Appreciation Right
Exercise: $6.60→ Common Stock (6,100 underlying) - 6,100
Stock Appreciation Right
Exercise: $5.92→ Common Stock (6,100 underlying) - 0
Performance Right (Performance Unit Award)
→ Common Stock
Footnotes (9)
- [F1]Represents the vesting of Performance Vested Restricted Stock Units ("PV RSUs"), each PV RSU representing the right to receive one share of common stock or its cash equivalent. On February 26, 2021, 18,654 of the previously reported 38,265 PV RSU awards granted on December 10, 2019 vested based on the achievement by the employee and/or ORBCOMM Inc. (the "Company") of certain performance targets for fiscal year 2020 and 19,611 PV RSUs lapsed unvested.
- [F2]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 (December 17, 2014) to the date of exercise of the TV SAR. The TV SAR awards vested on January 1, 2016. The TV SAR awards expire on December 17, 2024 and have an exercise price of $6.60 per share, the closing price of the common stock on the grant date.
- [F3]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 (December 12, 2013) to the date of exercise of the TV SAR. The TV SAR awards vested 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.
- [F4]Each Time Vested Restricted Stock Unit represents the right to receive one share of common stock or its cash equivalent on the vesting date, January 1, 2022.
- [F5]Each PV RSU represents the right to receive one share of common stock or its cash equivalent. The PV RSU will vest based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2021.
- [F6]The 2019 Performance Unit Award ("PUA") represents the right to receive up to 41.25% of the reporting person's 2019 base salary, in cash, common stock or a combination of both, as determined by the Compensation Committee (the "Committee"). The 2019 PUA is allocated in 3 amounts (11.25% of 2019 base salary to 2019 and 15% of 2019 base salary to each of 2020 and 2021) 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 dates. No portion of the 2019 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 2019 PUA that vests and is payable will increase up to the maximum portion of the 2019 PUA allocated to that year.
- [F7]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.
- [F8]The 2020 PUA represents the right to receive up to 45% of the reporting person's 2020 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2020 PUA is allocated in 3 equal amounts (15% of 2020 base salary) to each of 2020, 2021 and 2022 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 dates. No portion of the 2020 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 2020 PUA that vests and is payable will increase up to the maximum portion of the 2020 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 2021 PUA represents the right to receive up to 45% of the reporting person's 2021 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2021 PUA is allocated in 3 equal amounts (15% of 2021 base salary) to each of 2021, 2022 and 2023 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 dates. No portion of the 2021 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 2021 PUA that vests and is payable will increase up to the maximum portion of the 2021 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.
Documents
Issuer
ORBCOMM Inc.
CIK 0001361983
Entity typeother
Related Parties
1- filerCIK 0001587912
Filing Metadata
- Form type
- 4
- Filed
- Mar 1, 7:00 PM ET
- Accepted
- Mar 2, 6:40 PM ET
- Size
- 18.3 KB