| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
INFINERA Corp [ INFN ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 05/05/2020 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Common Stock | 05/05/2020 | M | 8,771 | A | $0 | 125,567 | D | |||
| Common Stock | 05/05/2020 | F | 3,034 | D | $0 | 122,533 | D | |||
| Common Stock | 05/05/2020 | M | 13,094 | A | $0 | 135,627 | D | |||
| Common Stock | 05/05/2020 | F | 5,639 | D | $0 | 129,988 | D | |||
| Common Stock | 05/05/2020 | M | 17,188 | A | $0 | 147,176 | D | |||
| Common Stock | 05/05/2020 | F | 5,944 | D | $0 | 141,232 | D | |||
| Common Stock | 05/05/2020 | M | 73,334 | A | $0 | 214,566 | D | |||
| Common Stock | 05/05/2020 | F | 36,359 | D | $0 | 178,207 | D | |||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Restricted Stock Units | (1) | (2) | (2) | Common Stock | 75,000 | 75,000 | D | ||||||||
| Restricted Stock Units | (1) | 05/05/2020 | M | 17,188 | (3) | (3) | Common Stock | 17,188 | $0 | 34,374 | D | ||||
| Restricted Stock Units | (1) | (4) | (4) | Common Stock | 52,500 | 52,500 | D | ||||||||
| Restricted Stock Units | (1) | 05/05/2020 | M | 73,334 | (5) | (5) | Common Stock | 73,334 | $0 | 146,666 | D | ||||
| Restricted Stock Units | (1) | 05/05/2020 | M | 8,771 | (6) | (6) | Common Stock | 8,771 | $0 | 0 | D | ||||
| Restricted Stock Units | (1) | 05/05/2020 | M | 13,094 | (7) | (7) | Common Stock | 13,094 | $0 | 0 | D | ||||
| Restricted Stock Units | (1) | (8) | (8) | Common Stock | 125,000 | 125,000 | D | ||||||||
| Explanation of Responses: |
| 1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock of Infinera Corporation (the "Company"). |
| 2. These RSUs vest in four annual installments beginning on July 5, 2018, subject to Mr. Heard's continued service to the Company through each applicable vesting date. |
| 3. These RSUs vest in four annual installments beginning on May 5, 2019, subject to Mr. Heard's continued service to the Company through each applicable vesting date. |
| 4. 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. |
| 5. These RSUs vest in three annual installments beginning on May 5, 2020, subject to Mr. Heard's continued service to the Company through each applicable vesting date. |
| 6. On June 8, 2017, Mr. Heard was granted a performance share unit ("PSU") award at target for 50,000 shares of common stock that could become eligible to vest in three equal separate installments, subject to the achievement of certain performance criteria in each of the three different performance periods. The shares are eligible to vest based on the total stockholder return ("TSR") performance of the Company in each performance period relative to that of the companies that comprise S&P North American Technology Multimedia Networking Index (the "S&P Networking Index"). The performance objective related to this award was partially achieved for the third and final performance period, as determined by the compensation committee per the terms of the original grant. As a result, 8,771 shares of common stock underlying this award vested on May 5, 2020, subject to Mr. Heard's continuous status as a service provider through such date. |
| 7. On February 15, 2018, Mr. Heard was granted a PSU award at target for 45,833 shares of common stock that could become eligible to vest in three equal separate installments, subject to the achievement of certain performance criteria in each of the three different performance periods. The shares are eligible to vest based on the TSR performance of the Company in each performance period relative to that of the companies that comprise the S&P Networking Index. The performance objective related to this award was partially achieved for the second performance period, as determined by the compensation committee per the terms of the original grant. As a result, 13,094 shares of common stock underlying this award vested on May 5, 2020, subject to Mr. Heard's continuous status as a service provider through such date. |
| 8. These RSUs vest as to one-third of the shares on the one year anniversary of the vesting commencement date, which is March 5, 2020, and 1/12th quarterly thereafter, subject to Mr. Heard's continued service to the Company through each applicable vesting date. |
| Remarks: |
| /s/ Michael Post, by Power of Attorney | 05/07/2020 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||