James J. Lerner - May 11, 2021 Form 4 Insider Report for QUANTUM CORP /DE/ (QMCO)

Role
Pres. & CEO, Chairman of Board, Director
Signature
/s/ Josie Buensuceso, Attorney-in-Fact for James J. Lerner
Stock symbol
QMCO
Transactions as of
May 11, 2021
Transactions value $
$0
Form type
4
Date filed
5/19/2021, 08:55 AM
Next filing
Jul 16, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction QMCO Common Stock Award $0 +160K +10.94% $0.00 1.62M May 11, 2021 Direct F1
transaction QMCO Common Stock Options Exercise $0 +120K +7.39% $0.00 1.74M May 11, 2021 Direct F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction QMCO Performance-Based Restricted Stock Units Options Exercise $0 -80K -100% $0.00* 0 May 11, 2021 Common Stock 80K Direct F1
transaction QMCO Performance-Based Restricted Stock Units Options Exercise $0 -80K -100% $0.00* 0 May 11, 2021 Common Stock 80K Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Performance-Based Restricted Stock Units were previously reported on September 10, 2019, which vest in three equal components upon the later of achievement of specified levels of the average closing prices of a share of QMCO common stock during any hundred (100) calendar day period, and upon specified service dates, whichever is later. The third achievement date occurred on May 11, 2021, 2021, as certified by the leadership and compensation committee of QMCO, resulting in 80,000 units meeting the appropriate performance-based conditions. However, these shares remain subject to time-based vesting conditions and will therefore vest on September 5, 2022, subject to continued employment. These shares are reflected on Table I, and no units remain that are subject to these performance-based and time-based vesting conditions.
F2 Performance-Based Restricted Stock Units were previously reported on July 2, 2020, which vest in two equal components upon the later of achievement of specified levels of the average closing prices of a share of QMCO common stock during any hundred (100) calendar day period, and upon specified service dates, whichever is later. The second achievement date occurred on May 11, 2021, as certified by the leadership and compensation committee of QMCO, resulting in 80,000 units meeting the appropriate performance-based conditions. However, these shares remain subject to time-based vesting conditions and will therefore vest on July 1, 2023, subject to continued employment. These shares are reflected on Table I, and no units remain that are subject to these performance-based and time-based vesting conditions.
F3 Grant of Performance-Based Restricted Stock Units ("PSUs"), each of which represents a contingent right to receive one share of common stock of QMCO, acquired with vesting subject to the achievement of specified performance-based conditions, occurred on May 11, 2021 as certified by the leadership and compensation committee of QMCO, resulting in 120,000 units for the Free Cash Flow results based on the Company's performance as of March 31, 2021 (end of QMCO's Fiscal 2021 Year). 100% of PSUs are earned as 100% of the free cash flow target performance goal is achieved. However, these shares remain subject to time-based vesting conditions and will therefore vest in equal installments with 1/3rd July 1, 2021, 1/3rd July 1, 2022 and 1/3rd July 1, 2023, subject to continued employment.