Release and settlement of restricted stock units ("RSUs") granted to the Reporting Person on March 12, 2013, the grant of which was previously reported on a Form 4 by the Reporting Person.
Exempt transaction pursuant to Section 16b-3(e) - payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3. All of the s
hares reported as disposed of in this Form 4 were relinquished by the Reporting Person and cancelled by the Issuer in exchange for the Issuer's agreement to pay federal and state tax withholding obligations of the Reporting Person resulting from the vesting of RSUs. The Reporting Person did not sell or otherwise dispose of any of the shares reported on this Form 4 for any reason other than to cover required taxes.
Reporting Person is the Co-Trustee.
Reporting Person's wife is the trustee and Reporting Person's daughter is the beneficiary of the trust.
Each RSU represents a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration.
25% of the RSUs vested on May 10, 2013 and thereafter shall vest quarterly as to 6.25% of the total RSUs in equal installments with the first 6.25% vesting on August 10, 2013. Shares of the Issuer's common stock will be delivered to the Reporting Person following vesting.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
To receive a free e-mail notification whenever Silver Spring Networks makes a similar move, sign up!