4//SEC Filing
CYAN INC 4
Accession 0000899243-15-002141
CIK 0001391636operating
Filed
Aug 2, 8:00 PM ET
Accepted
Aug 3, 7:51 PM ET
Size
24.2 KB
Accession
0000899243-15-002141
Insider Transaction Report
Form 4
CYAN INCCYNI
Hatfield Michael L
DirectorPresident
Transactions
- Sale
Common Stock
2015-08-03$5.65/sh−576,332$3,256,276→ 2,628,407 total - Disposition to Issuer
8% Convertible Notes due 2019
2015-08-03−4,000,000→ 0 totalExercise: $2.44Exp: 2019-12-14→ Common Stock - Exercise of In-Money
Common Stock Warrants (right to buy)
2015-08-03−900,000→ 0 totalExercise: $3.62Exp: 2017-12-15→ Common Stock (900,000 underlying) - Disposition to Issuer
Employee Stock Option (right to buy)
2015-08-03−400,000→ 0 totalExercise: $3.20Exp: 2022-09-24→ Common Stock (400,000 underlying) - Disposition to Issuer
Performance Restricted Stock Units
2015-08-03−102,272→ 0 total→ Common Stock (102,272 underlying) - Exercise of In-Money
Common Stock
2015-08-03$3.62/sh+900,000$3,258,000→ 3,204,739 total - Disposition to Issuer
Employee Stock Option (right to buy)
2015-08-03−250,000→ 0 totalExercise: $2.35Exp: 2020-12-13→ Common Stock (250,000 underlying) - Award
Performance Restricted Stock Units
2015-08-03+102,272→ 102,272 total→ Common Stock (102,272 underlying) - Disposition to Issuer
Common Stock
2015-08-03−2,628,407→ 0 total
Footnotes (11)
- [F1]The warrants were automatically exercised on a cashless basis immediately prior to the effective time of the merger, at an exercise price of $3.62 per share. As a result of the cashless exercise, the Issuer withheld 576,332 warrant shares to pay the exercise price and issued the remaining 323,668 shares to the Reporting Person.
- [F10]Pursuant to the Merger Agreement, the performance restricted stock units will be assumed by Ciena and converted into a performance restricted stock unit for 0.224 shares of Ciena common stock per share of Issuer common stock.
- [F11]Represents principal amount of convertible promissory notes. Pursuant to the Merger Agreement, the notes will become convertible into the right to receive merger consideration equivalent at an effective conversion rate of approximately 460.4 shares of Cyan common stock per $1,000 in principal amount of notes converted.
- [F2]Of the reported securities, 232,840 shares are represented by restricted stock units.
- [F3]Pursuant to the Merger Agreement between the Issuer and Ciena Corporation ("Ciena") dated May 3, 2015, as amended (the "Merger Agreement"), each share of Issuer common stock will be exchanged for $0.63 in cash and 0.19936 shares of Ciena common stock.
- [F4]Pursuant to the Merger Agreement, the restricted stock units will be assumed by Ciena and converted into a restricted stock unit for 0.224 shares of Ciena common stock per share of Issuer common stock.
- [F5]Pursuant to their terms, the warrants were exercisable immediately prior to the effective time of the merger.
- [F6]Shares subject to the option are fully vested and immediately exercisable. Pursuant to the Merger Agreement, the option will be assumed by Ciena and converted into an option to purchase 0.224 shares of Ciena common stock for each share of Issuer common stock at an exercise price equal to the current exercise price divided by 0.224 per share.
- [F7]Shares subject to the option vest in forty-eight equal monthly installments beginning on October 25, 2012. Pursuant to the Merger Agreement, the option will be assumed by Ciena and converted into an option to purchase 0.224 shares of Ciena common stock for each share of Issuer common stock at an exercise price equal to the current exercise price divided by 0.224 per share.
- [F8]Each performance restricted stock unit represents a contingent right to receive one share of Issuer common stock.
- [F9]The performance restricted stock units are subject to the achievement of certain performance objectives relating to 2015 revenue goals. To the extent the applicable performance goals are achieved, 50% of performance restricted stock units are scheduled to vest on the date the achievement of the performance goals are certified after completion of the performance period and the remaining 50% are scheduled to vest on the first business day in 2017.
Documents
Issuer
CYAN INC
CIK 0001391636
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0001391636
Filing Metadata
- Form type
- 4
- Filed
- Aug 2, 8:00 PM ET
- Accepted
- Aug 3, 7:51 PM ET
- Size
- 24.2 KB