4//SEC Filing
SONUS NETWORKS INC 4
Accession 0001490372-17-000007
CIK 0001105472operating
Filed
Apr 3, 8:00 PM ET
Accepted
Apr 4, 4:25 PM ET
Size
15.3 KB
Accession
0001490372-17-000007
Insider Transaction Report
Form 4
Snider Jeffrey M.
SVP, General Counsel & Secy
Transactions
- Award
Common Stock
2017-03-31+75,000→ 262,848 total - Exercise/Conversion
Common Stock
2017-04-03+4,750→ 267,598 total - Tax Payment
Common Stock
2017-04-03$6.59/sh−7,637$50,328→ 259,961 total - Award
Performance-Based Restricted Stock Units (PSUs)
2017-03-31+25,000→ 25,000 totalExercise: $0.00→ Common Stock (25,000 underlying) - Exercise/Conversion
Performance-Based Restricted Stock Units (PSUs)
2017-04-03−4,750→ 12,500 totalExercise: $0.00→ Common Stock (4,750 underlying)
Footnotes (8)
- [F1]These are restricted shares of Common Stock that vest over a three-year period as follows: one-third of the shares shall vest on March 31, 2018, and the remaining two-thirds of the shares shall vest in four equal increments semi-annually thereafter through March 31, 2020.
- [F2]Each PSU represents a contingent right to receive one share of the Issuer's Common Stock, based on the Issuer's total shareholder return (TSR) compared to pre-established relative TSR goals, based on the TSR of the NASDAQ Telecommunications Index, that were set by the Compensation Committee of the Issuer's Board of Directors. The aggregate number of shares issued may range from zero (0) shares to 200% of the target number of shares reported in columns 7 and 9 of this report.
- [F3]Between zero (0) and 200% of one-third of the PSUs will vest, if at all, on each of March 31, 2018, March 31, 2019 and March 31, 2020.
- [F4]Represents the number of shares of Common Stock that vested for the 2016 performance period in connection with the 18,750 PSUs granted to the Reporting Person on April 1, 2016. As described in the Form 4 filed by the Reporting Person on April 5, 2016, between zero (0) and 200% of 6,250 PSUs were eligible to vest to the Reporting Person on April 1, 2017 for the 2016 performance period. Of this amount, 4,750 shares of Common Stock actually vested to the Reporting Person, representing vesting at 76.0% of target for the 2016 performance period. Performance for this award during the award's 2016 performance period was measured based on the Issuer's total shareholder return (TSR) compared to pre-established relative TSR goals, based on the TSR of the NASDAQ Telecommunications Index, that were set by the Compensation Committee of the Issuer's Board of Directors.
- [F5]As a result of achievement at 76.0% of target based on the Issuer's performance for the 2016 performance period, the Reporting Person forfeited 1,500 shares. In addition, of the 4,750 total shares of Common Stock that vested for the 2016 performance period, the Reporting Person delivered 1,543 shares to the Issuer for payment of tax liability incident to the vesting of a security, as detailed in Footnote 8 to this Form 4.
- [F6]Between zero (0) and 200% of one half of the remaining PSUs will vest, if at all, on each of April 1, 2018 and April 1, 2019.
- [F7]Amount reflects the forfeiture of 1,500 PSUs of the aggregate amount granted on April 1, 2016 that failed to vest following the 2016 performance period based on the Issuer's performance for such 2016 performance period as determined by the Compensation Committee of the Issuer's Board of Directors at the end of the 2016 performance period. The original aggregate number of PSUs granted to the Reporting Person on April 1, 2016 was reported in Table II of Form 4 filed by the Reporting Person on April 5, 2016.
- [F8]PAYMENT OF TAX LIABILITY BY DELIVERING SECURITIES TO THE ISSUER INCIDENT TO THE VESTING OF A SECURITY.
Documents
Issuer
SONUS NETWORKS INC
CIK 0001105472
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0001105472
Filing Metadata
- Form type
- 4
- Filed
- Apr 3, 8:00 PM ET
- Accepted
- Apr 4, 4:25 PM ET
- Size
- 15.3 KB