Eric S. Marmurek - Mar 15, 2024 Form 4 Insider Report for Ribbon Communications Inc. (RBBN)

Signature
Patrick Macken, By POA from Rick Marmurek, SVP, CAO
Stock symbol
RBBN
Transactions as of
Mar 15, 2024
Transactions value $
-$4,398
Form type
4
Date filed
3/18/2024, 08:36 AM
Previous filing
Jan 19, 2024
Next filing
Apr 19, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction RBBN Common Stock Options Exercise +4.12K +1.66% 252K Mar 15, 2024 Direct F1
transaction RBBN Common Stock Options Exercise +1.58K +0.63% 253K Mar 15, 2024 Direct F2
transaction RBBN Common Stock Tax liability -$4.4K -1.55K -0.61% $2.83 252K Mar 15, 2024 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 RBBN Restricted Stock Units (RSUs) Options Exercise $0 -4.12K -100% $0.00* 0 Mar 15, 2024 Common Stock 4.12K Direct F1, F4
transaction RBBN Performance-Based Restricted Stock Units Options Exercise $0 -1.58K -100% $0.00* 0 Mar 15, 2024 Common Stock 1.58K Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each Restricted Stock Unit (RSU) and Performance Share Unit (PSU) converts into common stock on a one-for-one basis.
F2 The number of PSUs earned and issued upon vesting was determined based on goals (set by the Compensation Committee of the Issuer's Board of Directors (the "Compensation Committee") on an annual basis) for each of the three fiscal years ended December 31, 2023. Based on the Compensation Committee's determination of achievement of these pre-established financial goals, 32% of the shares subject to the 2023 financial period were earned and vested on March 15, 2024, and no shares were earned for the 2021 and 2022 performance periods and were forfeited.
F3 Reflects shares of Common Stock withheld by the Issuer to satisfy tax withholding obligations in connection with the vesting of the RSUs and PSUs.
F4 The RSUs were granted on March 15, 2021 and vested as to one-third on March 15, 2022; the remaining two-thirds of the RSUs vested in four equal semi-annual installments thereafter through March 15, 2024.