David W. Heard - Oct 5, 2021 Form 4 Insider Report for Infinera Corp (INFN)

Role
Chief Executive Officer, Director
Signature
/s/ Michael Hopp, by Power of Attorney
Stock symbol
INFN
Transactions as of
Oct 5, 2021
Transactions value $
-$873,585
Form type
4
Date filed
10/6/2021, 09:32 PM
Previous filing
Sep 15, 2021
Next filing
Dec 7, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction INFN Common Stock Options Exercise $0 +17.5K +5.3% $0.00 348K Oct 5, 2021 Direct
transaction INFN Common Stock Tax liability -$71.8K -8.68K -2.49% $8.27 339K Oct 5, 2021 Direct
transaction INFN Common Stock Options Exercise $0 +196K +57.65% $0.00 535K Oct 5, 2021 Direct
transaction INFN Common Stock Tax liability -$802K -97K -18.13% $8.27 438K Oct 5, 2021 Direct

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 INFN Restricted Stock Units Options Exercise $0 -17.5K -50% $0.00 17.5K Oct 5, 2021 Common Stock 35K Direct F1, F2
transaction INFN Restricted Stock Units Options Exercise $0 -196K -88.89% $0.00 24.4K Oct 5, 2021 Common Stock 220K Direct F1, F3
* 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") represents a contingent right to receive one share of common stock of Infinera Corporation (the "Company").
F2 These RSUs vest in four annual installments beginning on October 5, 2019, subject to Mr. Heard's continued service to the Company through each applicable vesting date.
F3 On February 20, 2019, Mr. Heard was granted a PSU award for a target number of 220,000 shares of common stock that could become eligible to vest subject to the Company's achievement of positive operating income (the "Performance Goal") during fiscal 2019 through fiscal 2021. The Performance Goal is measured on a non-GAAP basis either (a) for a full fiscal year or (b) for any four consecutive fiscal quarters. The Company achieved the Performance Goal during the four consecutive fiscal quarters ending with the fiscal quarter ended June 26, 2021, as certified by the Company's Compensation Committee on September 13, 2021, per the terms of the PSU award. As a result, 195,554 shares of common stock underlying this award will vest on October 5, 2021 and 24,446 shares of common stock underlying this award will vest on January 5, 2022, each vesting subject to Mr. Heard's continued service to the Company through such date.