4//SEC Filing
AVID TECHNOLOGY, INC. 4
Accession 0001378848-16-000022
CIK 0000896841operating
Filed
Aug 16, 8:00 PM ET
Accepted
Aug 17, 4:14 PM ET
Size
37.6 KB
Accession
0001378848-16-000022
Insider Transaction Report
Form 4
Frederick John Wilbert
Chief of Staff
Transactions
- Sale
Common Stock
2016-08-15$9.06/sh−225,000$2,038,500→ 87,552 total - Sale
Common Stock
2016-08-16$9.13/sh−55,000$502,150→ 87,552 total - Exercise/Conversion
Common Stock
2016-08-16$7.87/sh+20,000$157,400→ 107,552 total - Exercise/Conversion
Employee Stock Option (right to buy)
2016-08-16−20,000→ 0 totalExercise: $7.87From: 2014-02-11Exp: 2016-11-01→ Common Stock (20,000 underlying) - Exercise/Conversion
Common Stock
2016-08-15$7.87/sh+225,000$1,770,750→ 312,552 total - Exercise/Conversion
Common Stock
2016-08-15$7.40/sh+41,300$305,620→ 128,852 total - Sale
Common Stock
2016-08-15$9.11/sh−41,300$376,243→ 87,552 total - Exercise/Conversion
Common Stock
2016-08-16$7.40/sh+116,206$859,924→ 203,758 total - Sale
Common Stock
2016-08-16$9.10/sh−116,206$1,057,475→ 87,552 total - Exercise/Conversion
Common Stock
2016-08-16$7.87/sh+55,000$432,850→ 142,552 total - Sale
Common Stock
2016-08-16$9.11/sh−20,000$182,200→ 87,552 total - Exercise/Conversion
Employee Stock Option (right to buy)
2016-08-15−41,300→ 116,206 totalExercise: $7.40From: 2015-02-12Exp: 2016-11-01→ Common Stock (41,300 underlying) - Exercise/Conversion
Employee Stock Option (right to buy)
2016-08-15−225,000→ 55,000 totalExercise: $7.87From: 2013-05-11Exp: 2016-11-01→ Common Stock (225,000 underlying) - Exercise/Conversion
Employee Stock Option (right to buy)
2016-08-16−116,206→ 0 totalExercise: $7.40From: 2015-02-12Exp: 2016-11-01→ Common Stock (116,206 underlying) - Exercise/Conversion
Employee Stock Option (right to buy)
2016-08-16−55,000→ 0 totalExercise: $7.87From: 2013-05-11Exp: 2016-11-01→ Common Stock (55,000 underlying)
Footnotes (8)
- [F1]The price reported in Column 4 of Table 1 is a weighted average price. The shares were sold on August 15, 2016 in multiple transactions at prices ranging from $9.10 to $9.13, inclusive. The reporting person undertakes to provide to any security holder of Avid Technology, Inc.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 ranges set forth in this footnote.
- [F2]The price reported in Column 4 of Table 1 is a weighted average price. The shares were sold on August 15, 2016 in multiple transactions at prices ranging from $8.95 to $9.15, inclusive. The reporting person undertakes to provide to any security holder of Avid Technology, Inc.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 ranges set forth in this footnote.
- [F3]The price reported in Column 4 of Table 1 is a weighted average price. The shares were sold on August 16, 2016 in multiple transactions at prices ranging from $9.00 to $9.14, inclusive. The reporting person undertakes to provide to any security holder of Avid Technology, Inc.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 ranges set forth in this footnote.
- [F4]The price reported in Column 4 of Table 1 is a weighted average price. The shares were sold on August 16, 2016 in multiple transactions at prices ranging from $9.12 to $9.15, inclusive. The reporting person undertakes to provide to any security holder of Avid Technology, Inc.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 ranges set forth in this footnote.
- [F5]The price reported in Column 4 of Table 1 is a weighted average price. The shares were sold on August 16, 2016 in multiple transactions at prices ranging from $9.01 to $9.13, inclusive. The reporting person undertakes to provide to any security holder of Avid Technology, Inc.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 ranges set forth in this footnote.
- [F6]The option vests as follows: (i) on the later of the date the Company's registration statement covering the exercise of the option is effective (the "Effective Date") or February 12, 2015, the vested number of shares shall equal (A) 33.33% of the shares plus (B) an additional 8.25% of the shares for each three-month period, if any, starting from February 12, 2015, that is completed on or before the Effective Date, and (ii) thereafter the shares shall vest in equal installments of 8.25% of the shares upon the conclusion of each three-month period (starting from February 12, 2015) that ends after the Effective Date, with the first vesting date on February 12, 2015; provided that the officer is employed by the Company on such vesting date. The option was vested and exercisable on May 12, 2016.
- [F7]The options were modified from performance-based and market based to time-based vesting (credited for time already served since the original grant date) with a one-time performance-based acceleration as determined by the compensation committee based on the Company's 2014 Adjusted EBITDA results, as described in "Long-Term Equity Incentive Compensation - 2014 Equity Grants" in the Company's 2016 Proxy Statement. In March 2015, the compensation committee made a determination of acceleration based on the Company's financials for fiscal year 2014, and a portion of the outstanding modified options were accelerated, with the first vesting date on May 11, 2013, with the remaining continuing to vest on a time based schedule, all as described in "Long-Term Equity Incentive Compensation - 2015 Equity Grants" in the Company's 2016 Proxy Statement. The option was vested and exercisable on August 11, 2015.
- [F8]The option was vested and exercisable on February 11, 2014.
Issuer
AVID TECHNOLOGY, INC.
CIK 0000896841
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0000896841
Filing Metadata
- Form type
- 4
- Filed
- Aug 16, 8:00 PM ET
- Accepted
- Aug 17, 4:14 PM ET
- Size
- 37.6 KB