Daniel B. Silvers - 07 Nov 2023 Form 4 Insider Report for AVID TECHNOLOGY, INC.

Reporting relationship: Director
Issuer ticker: N/A
Reported as of: 07 Nov 2023
Net transaction value: -$2,028,831
SEC form: 4
Accepted by SEC: 07 Nov 2023, 16:45:56 UTC
Prior SEC filing: 30 May 2023
Next SEC filing: 03 Apr 2024
Source filing: View source filing
Reporting owner signature: /s/ Jacob Adams as Attorney-in-Fact for Daniel B. Silvers

Key filing fact

Daniel B. Silvers filed Form 4 for AVID TECHNOLOGY, INC. on 07 Nov 2023.

Key facts

This page summarizes Daniel B. Silvers's Form 4 filing for AVID TECHNOLOGY, INC..
2 reported transactions and 0 derivative rows are listed below.
Accepted by SEC: 07 Nov 2023, 16:45.

Change

Previous filing in this sequence was filed on 30 May 2023.
Current net transaction value: -$2,028,831.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

AVID transaction

Common Stock

Disposed to Issuer

Transaction value: $1,861,040
Shares: -68,800
Change %: -92%
Price: $27.05
Shares after: 6,203
Date: 07 Nov 2023
Ownership: Direct
Footnotes: F1, F2

AVID transaction

Common Stock

Disposed to Issuer

Transaction value: $167,791
Shares: -6,203
Change %: -100%
Price: $27.05
Shares after: 0
Date: 07 Nov 2023
Ownership: Direct
Footnotes: F1, F3

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

Daniel B. Silvers is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 3 footnotes

Footnote F1

Pursuant to the Agreement and Plan of Merger, dated as of August 9, 2023 (the "Merger Agreement"), by and among the Issuer, Artisan Bidco, Inc., a Delaware corporation ("Parent"), and Artisan Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent ("Merger Sub"), effective November 7, 2023, among other things, Merger Sub merged with and into the Issuer, with the Issuer surviving as a wholly-owned subsidiary of Parent (the "Merger").

Footnote F2

Pursuant to the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each share of the Issuer's common stock ("Common Stock") issued and outstanding immediately prior to the Effective Time was cancelled and automatically converted into the right to receive $27.05 in cash, subject to any required tax withholding in accordance with the terms of the Merger Agreement.

Footnote F3

Pursuant to the Merger Agreement, at the Effective Time, each unvested restricted stock unit ("RSU") award, including each unvested award of performance-based RSUs, was automatically cancelled and converted solely into the contingent right to receive a cash payment equal to the product of (i) the number of RSUs subject to such unvested RSU award immediately prior to the Effective Time multiplied by (ii) $27.05, with such converted cash award generally subject to the same vesting terms and conditions that applied to the corresponding RSU prior to the Effective Time, with payment forfeited to the extent vesting is not satisfied, except if the holder's service is terminated without cause.