| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | INFN | Common Stock | Award | $0 | +180K | +19.58% | $0.00 | 1.1M | May 12, 2024 | Direct | F1, F2 |
| transaction | INFN | Common Stock | Tax liability | -$415K | -81.9K | -7.47% | $5.06 | 1.01M | May 12, 2024 | Direct | F3 |
| Id | Content |
|---|---|
| F1 | On March 9, 2021, Infinera Corporation (the "Company") granted Mr. Heard performance share award covering 258,000 shares ("PSAs") that could be earned during fiscal 2021 through fiscal 2023, based on achievement of (a) performance goals applicable to the first 50% of the award (a "tranche") consisting of a non-GAAP operating income goal and a revenue goal, and (b) a performance goal for the second 50% tranche consisting of a non-GAAP operating income goal, in each case measured over a full fiscal year during the performance period (the "PSA Award"). Each PSA represents a contingent right to receive one share of common stock of the Company. |
| F2 | On May 12, 2024, given fiscal 2023 non-GAAP operating income of $87.2 million and revenue of $1,614.1 million, the Compensation Committee of the Board of Directors of the Company certified that (i) 77.06% of the shares subject to the first tranche of the PSA Award became eligible to vest and (ii) 62.14% of the shares subject to the second tranche of the PSA Award became eligible to vest. As a result, 179,567 shares of common stock underlying the PSA Award vested on May 12, 2024. The balance of 78,433 shares subject to the PSA Award were forfeited. |
| F3 | Represents shares that have been withheld by Company to satisfy tax withholding and remittance obligations in connection with the net settlement of vested PSAs granted to Mr. Heard on March 9, 2021. |