4//SEC Filing
PHH CORP 4
Accession 0001209191-16-151812
CIK 0000077776operating
Filed
Nov 21, 7:00 PM ET
Accepted
Nov 22, 8:11 PM ET
Size
8.6 KB
Accession
0001209191-16-151812
Insider Transaction Report
Form 4
PHH CORPPHH
CROWL ROBERT B
EVP & CFO
Transactions
- Disposition to Issuer
Common Stock
2016-11-18$14.87/sh−15,276.75$227,165→ 149,507 total - Disposition to Issuer
Common Stock
2016-11-21$14.58/sh−12,222$178,197→ 149,507 total
Footnotes (4)
- [F1]As reported in the Form 4/A filed on August 18, 2014, 20,369 previously reported unvested restricted stock units ("RSUs") became settleable solely in cash because of a change in control in accordance with the terms of the award. Settlement of any unvested portion of the RSUs occurs upon the earlier of (a) the reporting person's termination of employment (i) by PHH Corporation or its affiliates without cause (as defined under the terms of the award), (ii) due to the reporting person's resignation for good reason (as defined in the award), or (iii) due to the reporting person's retirement (as defined in the award), or (b) the applicable vesting dates of the underlying RSUs, in which case, 8,147 (40%) of the RSUs vested and settled in cash on May 21, 2015, and 12,222 (60%) of such RSUs vested on November 21, 2016. The cash amount payable due to settlement of the 12,222 RSUs is $178,196.76, which will be paid on December 2, 2016.
- [F2]Includes 105,243 shares of PHH Corporation common stock underlying unvested RSUs. Each RSU represents the right to receive one share or the fair market value of one share of common stock upon vesting.
- [F3]Each Performance Restricted Stock Unit ("PRSU") represented a contingent right to receive one share of PHH Corporation common stock upon PHH Corporation's Human Capital & Compensation Committee's (the "HC&CC") determination that the Total Shareholder Return and Compounded Annual Growth Rate equaled or exceeded a targeted performance level.
- [F4]As reported in our 2015 and 2016 Proxy Statements, the sale of the Fleet business resulted in the closure of the performance period for this award. The HC&CC reviewed performance against the target and determined the number of PRSUs earned, subject to vesting based on continued service through November 10, 2016, at which time the earned PRSUs vested and became settleable solely in cash based on PHH Corporation's trading price on November 10, 2016. The cash amount payable upon settlement of the 15,276.75 PRSUs on November 18, 2016 was $227,165.27.
Documents
Issuer
PHH CORP
CIK 0000077776
Entity typeoperating
IncorporatedMD
Related Parties
1- filerCIK 0000077776
Filing Metadata
- Form type
- 4
- Filed
- Nov 21, 7:00 PM ET
- Accepted
- Nov 22, 8:11 PM ET
- Size
- 8.6 KB