Stone Christopher Lewis 4
4 · PDL BIOPHARMA, INC. · Filed Jun 12, 2018
Insider Transaction Report
Form 4
Stone Christopher Lewis
VP and General Counsel
Transactions
- Award
Stock Option (right to buy)
2018-06-08+700,500→ 700,500 totalExercise: $2.94Exp: 2027-08-28→ Common stock (700,500 underlying)
Footnotes (2)
- [F1]The stock options were approved by the compensation committee of the issuer's board of directors effective August 29, 2017, subject to stockholder approval of an amendment to the issuer's equity plan pursuant to which the stock option was granted. The issuer's stockholders approved the amendment on June 8, 2018.
- [F2]The stock options will vest as follows: (a) 25% of the shares subject to the option shall vest on August 28, 2018; (b) 25% of the shares subject to the option shall vest on a monthly basis pro rata over the thirty-six (36) months following August 28, 2018; (c) 25% of the shares subject to the option shall vest upon the price of the issuer's common stock closing above $3.91 for twenty (20) consecutive trading days; and (d) 25% of the shares subject to the option shall vest upon the price of the issuer's common stock closing above $4.41 for twenty (20) consecutive trading days, provided that the recipient's continuous service has not terminated prior to the applicable vesting date, subject to earlier vesting upon a change in control and certain qualifying terminations of employement provided in the severance agreement between the issuer and the recipient.