Jerry Guo - Jan 1, 2023 Form 4 Insider Report for Casa Systems Inc (CASA)

Role
President & CEO, Director
Signature
/s/ Timothy C. Rodenberger, as Attorney-in-Fact
Stock symbol
CASA
Transactions as of
Jan 1, 2023
Transactions value $
-$277,223
Form type
4
Date filed
1/4/2023, 05:45 PM
Previous filing
May 11, 2022
Next filing
Feb 28, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CASA Common Stock Options Exercise +127K +1.18% 10.9M Jan 1, 2023 Direct F1
transaction CASA Common Stock Options Exercise +90.5K +0.83% 11M Jan 1, 2023 Direct F1
transaction CASA Common Stock Options Exercise +40.1K +0.36% 11M Jan 1, 2023 Direct F1
transaction CASA Common Stock Award +155K +1.4% 11.2M Jan 1, 2023 Direct F2
transaction CASA Common Stock Tax liability -$277K -102K -0.91% $2.73 11.1M Jan 1, 2023 Direct 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 CASA Restricted Stock Units Options Exercise $0 -127K -25% $0.00 382K Jan 1, 2023 Common Stock 127K Direct F4, F5
transaction CASA Restricted Stock Units Options Exercise $0 -90.5K -100% $0.00* 0 Jan 1, 2023 Common Stock 90.5K Direct F4, F6
transaction CASA Restricted Stock Units Options Exercise $0 -40.1K -9.09% $0.00 401K Jan 1, 2023 Common Stock 40.1K Direct F4, F7, F8
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Restricted stock units ("RSUs") converted into common stock, $0.001 par value per share (the "Common Stock"), of Casa Systems, Inc. (the "Company") on a one-for-one basis upon vesting of the units.
F2 These shares were acquired pursuant to the vesting of performance-based restricted stock units ("PSUs") awarded under the Company's 2017 Stock Incentive Plan. Each PSU represents a contingent right to receive one share of Common Stock upon vesting, subject to the other terms and conditions set forth in the applicable PSU agreement. PSUs converted into Common Stock of the Company on a one-for-one basis upon vesting of the units.
F3 Shares withheld by the Company to satisfy tax withholding requirements on vesting of RSUs. No shares were sold.
F4 Each RSU represents the right to receive one share of Common Stock upon vesting, subject to the reporting person's continued service relationship with the Company and the other terms and conditions set forth in the applicable RSU agreement. In the sole discretion of the Company's board of directors, the Company may, with respect to any applicable vesting date, deliver to the reporting person Common Stock or cash having a fair market value equal to the number of shares of Common Stock underlying the portion of the RSU that vested on such date, payable within 30 days of the vesting date, less applicable taxes.
F5 These RSUs are scheduled to vest over four years, with 25% of the 509,061 shares underlying the award having vested on January 1, 2023, and 25% of the shares underlying the award vesting at the end of each successive one-year period thereafter. The RSUs have no expiration date.
F6 These RSUs are Scheduled to vest over four years, with 25% of the 362,187 shares underlying the award having vested on January 1, 2020, and 25% of the shares underlying the award vesting at the end of each successive one-year period thereafter. The RSUs have no expiration date.
F7 These RSUs are subject to both time and performance-based vesting: (i) 160,404 of the RSUs are subject to time-based vesting and are scheduled to vest over four years, with 25% of the shares underlying the award vesting on January 1, 2022, and 25% of the shares underlying the award vesting at the end of each successive one-year period thereafter and (ii) 320,809 of the RSUs are subject to performance-based vesting, the conditions for which are met upon the Company's level of achievement of pre-established performance parameters, as approved by the Company's Board of Directors, related to either or both of (a) the Company's relative Total Shareholder Return ("TSR") performance against the TSR of the companies listed in the Russell 2000 Index,
F8 (Continued from Footnote 7) and (b) the absolute stock price performance of the Company's common stock, in each case, measured over the three-year period beginning on January 1, 2021 and ending on January 1, 2024, and subject to the other terms and conditions set forth in the applicable RSU agreement. The RSUs have no expiration date.