Peter Bauer - May 19, 2022 Form 4/A - Amendment Insider Report for Mimecast Ltd (MIME)

Signature
/s/ Robert P. Nault, Attorney-in-Fact
Stock symbol
MIME
Transactions as of
May 19, 2022
Transactions value $
$0
Form type
4/A - Amendment
Date filed
5/31/2022, 06:56 PM
Date Of Original Report
May 23, 2022
Previous filing
Apr 4, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MIME Ordinary Shares Disposed to Issuer -5 -100% 0 May 19, 2022 Direct F1
transaction MIME Ordinary Shares Disposed to Issuer -574K -100% 0 May 19, 2022 By Declaration of Trust of Peter Bauer F1, F3
transaction MIME Ordinary Shares Disposed to Issuer -400K -100% 0 May 19, 2022 By Declaration of Trust of Peter Bauer F2, F3
transaction MIME Ordinary Shares Disposed to Issuer -1.9M -100% 0 May 19, 2022 By Rock Trustees Limited F1, F4
transaction MIME Ordinary Shares Disposed to Issuer -14.2K -100% 0 May 19, 2022 By The Bauer Irrevocable Trust - 2020 F1, F5
transaction MIME Restricted Share Units Disposed to Issuer -4.5K -100% 0 May 19, 2022 Direct F5, F6, F7, F8

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 MIME Share Option (Right to Buy) Disposed to Issuer -150K -100% 0 May 19, 2022 Ordinary Shares 150K $9.21 Direct F9, F10, F11
transaction MIME Share Option (Right to Buy) Disposed to Issuer -75K -100% 0 May 19, 2022 Ordinary Shares 75K $21.83 Direct F9, F10, F12
transaction MIME Share Option (Right to Buy) Disposed to Issuer -49K -100% 0 May 19, 2022 Ordinary Shares 49K $34.82 Direct F9, F10, F13
transaction MIME Share Option (Right to Buy) Disposed to Issuer -36K -100% 0 May 19, 2022 Ordinary Shares 36K $47.23 Direct F9, F10, F14
transaction MIME Share Option (Right to Buy) Disposed to Issuer -245K -100% 0 May 19, 2022 Ordinary Shares 245K $33.38 Direct F9, F10, F15
transaction MIME Share Option (Right to Buy) Disposed to Issuer -319K -100% 0 May 19, 2022 Ordinary Shares 319K $40.85 Direct F9, F10, F16
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Peter Bauer is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Pursuant to the terms of that certain Transaction Agreement between Magnesium Bidco Limited ("Magnesium Bidco") and Mimecast Limited ("Issuer"), dated December 7, 2021 (the "Transaction Agreement"), Magnesium Bidco agreed to acquire all of the issued and to be issued ordinary shares of Issuer for $80.00 per ordinary share by means of a court-sanctioned scheme of arrangement (the "Scheme"). At the effective time of the Scheme on May 19, 2022 (the "Effective Time"), each ordinary share then outstanding was automatically transferred from Issuer's shareholders to Magnesium Bidco in accordance with the Scheme and the Transaction Agreement, and Issuer's shareholders ceased to have any rights with respect to the Issuer ordinary shares, except their rights under the Scheme, including their right to receive $80.00 per ordinary share, subject to required withholding taxes.
F2 In connection with the Effective Time of the court-sanctioned scheme of arrangement contemplated by the Transaction Agreement and the election by the Reporting Person to participate in the equity of Permira or its affiliates following the Effective Time, the Reporting Person exchanged the legal and beneficial ownership of these 400,000 shares of Issuer for shares of Magnesium Topco Limited, an affiliate of Permira, prior to the Effective Time.
F3 These shares are held by the Declaration of Trust of Peter Bauer. The Reporting Person is a beneficiary, and the sole trustee of, the Declaration of Trust of Peter Bauer.
F4 These shares are held by Rock Trustees Limited as trustee of the Butterworth Trust (the "Butterworth Trust"), of which the Reporting Person is a beneficiary. As trustee of the Butterworth Trust, Rock Trustees Limited exercises dispositive power over the shares held therein. The Reporting Person disclaims Section 16 beneficial ownership of the shares held by the Butterworth Trust, except to the extent, if any, of his pecuniary interest therein.
F5 These shares are held by The Bauer Irrevocable Trust - 2020 for the benefit of the Reporting Person's children. The Reporting Person disclaims Section 16 beneficial ownership of the shares held by The Bauer Irrevocable Trust - 2020, except to the extent, if any, of his pecuniary interest therein.
F6 Each restricted share unit ("RSU") represents a contingent right to receive one Issuer ordinary share.
F7 At the Effective Time, each RSU that was vested and outstanding as of immediately prior to the Effective Time ("Vested RSU") was canceled and converted into the right to receive an amount in cash equal to $80.00 multiplied by the aggregate number of shares subject to such Vested RSU, subject to required withholding taxes. Each RSU that was outstanding as of immediately prior to the Effective Time and that was not a Vested RSU ("Unvested RSU") was converted into and substituted with a cash award in an amount equal to $80.00 multiplied by the aggregate number of shares underlying such Unvested RSU immediately prior to the Effective Time, in each case subject to the same time-vesting terms and conditions that applied to the substituted Unvested RSU as in effect immediately prior to the Effective Time, including the requirement of continued service with Magnesium Bidco or its affiliates through the applicable vesting date.
F8 These RSUs were granted on April 1, 2019. 25% of the shares vested on April 1, 2020 and the remainder of the shares vest on an annual basis over the next 3 years.
F9 Each option to purchase Issuer ordinary shares ("Option") that was vested and outstanding, and unexercised as of immediately prior to the Effective Time ("Vested Option") was canceled and extinguished and converted into the right to receive an amount in cash equal to (x) the difference, if any, between $80.00 and the per-share exercise price of such Vested Option, multiplied by (y) the aggregate number of shares underlying such Vested Option, subject to required withholding taxes. Each Option that was outstanding as of immediately prior to the Effective Time and that was not a Vested Option ("Unvested Option") was automatically converted into and substituted with a cash award in an amount equal to (x) the difference, if any,
F10 (Continued from Footnote 9) between $80.00 and the per-share exercise price of such Unvested Option, multiplied by (y) the aggregate number of shares underlying such Unvested Option, in each case subject to the same time-vesting terms and conditions that applied to the substituted Unvested Option as in effect immediately prior to the Effective Time, including the requirement of continued service with Magnesium Bidco or its affiliates through the applicable vesting date.
F11 This Option was granted on February 1, 2016. 25% of the shares vested on February 1, 2017 and the remainder of the shares vested on a quarterly basis over the next 3 years.
F12 This Option was granted on February 1, 2017. 25% of the shares vested on February 1, 2018 and the remainder of the shares vested on a quarterly basis over the next 3 years.
F13 This Option was granted on April 2, 2018. 25% of the shares vested on April 2, 2019 and the remainder of the shares vested on a quarterly basis over the next 3 years.
F14 This Option was granted on April 1, 2019. 25% of the shares vested on April 1, 2020 and the remainder of the shares vest on a quarterly basis over the next 3 years.
F15 This Option was granted on April 1, 2020. 25% of the shares vested on April 1, 2021 and the remainder of the shares vest on a quarterly basis over the next 3 years.
F16 This Option was granted on April 1, 2021. 25% of the shares vested on April 1, 2022 and the remainder of the shares vest on a quarterly basis over the next 3 years.

Remarks:

The Form 4 of the Reporting Person originally filed on May 23, 2022 incorrectly indicated that more of the Reporting Person's shares of Issuer were exchanged for shares of Magnesium Topco Limited than is the case. This amendment is intended to replace, in its entirety, the Form 4 of the Reporting Person filed on May 23, 2022.