4//SEC Filing
PRGX GLOBAL, INC. 4
Accession 0001209191-16-112484
CIK 0001007330operating
Filed
Apr 3, 8:00 PM ET
Accepted
Apr 4, 5:48 PM ET
Size
7.9 KB
Accession
0001209191-16-112484
Insider Transaction Report
Form 4
Limeri Peter
Sr. Vice President - Finance
Transactions
- Award
Performance-Based Restricted Stock Unit
2016-03-31+90,000→ 90,000 total→ Common Stock (90,000 underlying)
Footnotes (3)
- [F1]Each Performance-Based Restricted Stock Unit ("Unit") corresponds to a share of common stock of the Company. If vested, 43% of the vested Units will be paid in whole shares of common stock and the remaining Units will be paid in cash in an amount equal to the remaining vested Units. 65% of the Units vest and become payable based on the cumulative revenue from continuing operations and 35% of the Units vest and become payable on the cumulative adjusted EBITDA from continuing operations that the Company achieves, in each case, for the two-year performance period ending December 31, 2017. The Units will become payable, if at all, no later than 15 days after the Company's Compensation Committee determines the financial performance achieved for the performance period (which determination cannot, in any event, be earlier than January 2018 or after April 2018).
- [F2]At the threshold performance level, 35% of the Units will become vested and payable; at the target performance level, 100% of the Units will become vested and payable; and at the maximum performance level, 150% of the Units will become vested and payable. If performance falls between the stated performance levels the percentage of Units that shall become vested and payable will be based on a straight line interpolation between such stated performance levels (although the Units may not become vested and payable for more than 150% of the Units and no Units shall become vested and payable if performance does not equal or exceed the applicable threshold performance level).
- [F3]The target performance level is consistent with the Company's long term growth plan and aligned with financial performance expected to result in meaningful enterprise value creation. Achievement of the revenue and adjusted EBITDA performance levels required for vesting of Units at the target performance level will require substantial improvement over the Company's comparable performance in 2015.
Documents
Issuer
PRGX GLOBAL, INC.
CIK 0001007330
Entity typeoperating
IncorporatedGA
Related Parties
1- filerCIK 0001007330
Filing Metadata
- Form type
- 4
- Filed
- Apr 3, 8:00 PM ET
- Accepted
- Apr 4, 5:48 PM ET
- Size
- 7.9 KB