Nagaraj Varun 4
4 · ECHELON CORP · Filed May 14, 2012
Insider Transaction Report
Form 4
ECHELON CORPELON
Nagaraj Varun
Sen. VP Product Mgmt & Mktg.
Transactions
- Exercise/Conversion
Common Stock
2012-05-10+8,750→ 8,750 total - Exercise/Conversion
Common Stock
2012-05-10+20,000→ 25,541 total - Exercise/Conversion
Performance Shares
2012-05-10−20,000→ 20,000 totalExp: 2015-04-01→ Common Stock (20,000 underlying) - Tax Payment
Common Stock
2012-05-10$3.88/sh−3,209$12,451→ 5,541 total - Tax Payment
Common Stock
2012-05-10$3.88/sh−7,336$28,464→ 18,205 total - Exercise/Conversion
Performance Shares
2012-05-10−8,750→ 26,250 totalExp: 2015-05-10→ Common Stock (8,750 underlying)
Footnotes (3)
- [F1]Each performance share represents the right to receive one share of the Issuer's Common Stock.
- [F2]8,750 of the 35,000 shares granted to the Reporting Person under the Issuer's 1997 Stock Plan (the "Plan") were vested and released to the Reporting Person effective May 10, 2012. Such 35,000 share grant vests at the following rate: 1/4th of such shares on May 10, 2012 and on each one year anniversary thereafter.
- [F3]20,000 of the 40,000 shares granted to the Reporting Person under the Plan were vested and released to the Reporting Person effective May 10, 2012. Such 40,000 shares vest at the following rate: 20,000 shares on May 10, 2012 and 20,000 shares on May 10, 2013 assuming in each case that the satisfaction of certain performance criteria has been met. It was determined that May 10, 2012 was the date on which vesting of 50% of the original 40,000 share grant was deemed to have occurred pursuant to the satisfaction of certain performance criteria.