UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | SEC 1473 (7-02) | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. |
1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
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Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
Stock Option (Right to Buy) | 02/01/2019 | 02/01/2025 | Common Stock (3) | 80,000 | $ 8.05 | D | Â |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Clark Mary P 200 CROSSING BLVD. BRIDGEWATER, NJ 08807 |
 |  |  CMO and EVP, Product |  |
/s/ Mary Patterson Clark | 02/05/2018 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Represents target number of performance shares. The actual number of the shares subject to be issued, which could range from 0 to two times the initial target amount, will depend upon certain performance goals of the Company for the three-year period for as determined by the Board of Directors or its Compensation Committee. The shares, if any, will be issued on or about February 2021. The Reporting Person will be entitled to sell the shares on or after February 1, 2021 provided the Reporting Person is continuously employed by the Company through such date. |
(2) | The shares shall vest with respect to the first 25% of the shares when the individual completes 12 months of continuous service after the vesting commencement date. The shares shall vest with respect to an additional 1/16th of the shares when the individual completes each three months of continuous service thereafter. |
(3) | The Company's right of repurchase shall lapse with respect to the first 25% of the shares subject to this option when the optionee completes 12 months of continuous service after the vesting commencement date. The right of repurchase shall lapse with respect to an additional 1/48th of the shares subject to this option when the optionee completes each month of continuous service thereafter. |