Release and settlement of restricted stock units ("RSUs") granted to the Reporting Person on February 18, 2011, which were previously reported on a Form 3 by the Reporting Person.
Exempt transaction pursuant to Section 16b-3(e) for 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 shares reported as disposed of on this line were relinquished to the Issuer 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.
Each RSU represents a contingent right to receive one share of the Issuer's common stock upon settlement for no consideration.
25% of the RSUs vested on January 15, 2012 and thereafter vests as to 25% of the total RSUs in equal annual installments. 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. Silver Spring Networks next reports earnings on January 27, 2014.
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