CHEROKEE INC 4
4 · CHEROKEE INC · Filed Apr 7, 2016
Insider Transaction Report
Form 4
CHEROKEE INCCHKE
Boling Jason
Chief Financial Officer
Transactions
- Award
Perfomance Stock Unit
2016-04-05+3,500→ 3,500 totalExp: 2019-02-02→ Common Stock (3,500 underlying)
Footnotes (3)
- [F1]Each performance stock unit represents a contingent right to receive one share of Common Stock of Cherokee Inc. (the "Company") upon achievement of specified performance criteria as described in notes (2) and (3).
- [F2]The performance stock units vest in up to three increments if the average closing price of the Company's Common Stock during the month preceding the end of the Company's fiscal year is at least (i) $18.58 for the Company's fiscal year ending January 28, 2017 ("Fiscal 2017"), (ii) $20.44 for the Company's fiscal year ending February 3, 2018 ("Fiscal 2018") and (iii) $22.48 for the Company's fiscal year ending February 2, 2019 ("Fiscal 2019"). If a price target is met, one-third of the shares subject to the award will vest. If such target is not met, one-third of the shares subject to the award will not vest and will roll over to the following fiscal year. For example, if at the end of Fiscal 2017 the Company's average closing share price for the month preceding the end of Fiscal 2017 is below $18.58, no portion of the performance stock award will vest and one-third of the total shares subject to the award will roll forward for potential vesting in Fiscal 2018.
- [F3]Similarly, if both of the price targets for Fiscal 2017 and Fiscal 2018 are not met, all shares subject to the performance stock award may still vest in the event that the Company's average closing share price for the month preceding the end of Fiscal 2019 is at least $22.48.