0001140361-20-000260.txt : 20200103
0001140361-20-000260.hdr.sgml : 20200103
20200103193406
ACCESSION NUMBER: 0001140361-20-000260
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20191231
FILED AS OF DATE: 20200103
DATE AS OF CHANGE: 20200103
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Milcos Constantine
CENTRAL INDEX KEY: 0001587912
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-33118
FILM NUMBER: 20507693
MAIL ADDRESS:
STREET 1: C/O ORBCOMM, INC., 395 W. PASSAIC STREET
STREET 2: SUITE 325
CITY: ROCHELLE PARK
STATE: NJ
ZIP: 07662
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: ORBCOMM Inc.
CENTRAL INDEX KEY: 0001361983
STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899]
IRS NUMBER: 412118289
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 395 W PASSAIC STREET, SUITE 325
CITY: ROCHELLE PARK
STATE: NJ
ZIP: 07662
BUSINESS PHONE: 703-433-6300
MAIL ADDRESS:
STREET 1: 395 W PASSAIC STREET, SUITE 325
CITY: ROCHELLE PARK
STATE: NJ
ZIP: 07662
4
1
form4.xml
FORM 4
X0306
4
2019-12-31
0001361983
ORBCOMM Inc.
ORBC
0001587912
Milcos Constantine
C/O ORBCOMM, INC.
395 W. PASSAIC STREET, SUITE 325
ROCHELLE PARK
NJ
07662
true
EVP, CFO and CAO
Common Stock
2020-01-01
4
M
0
12246
A
62235
D
Common Stock
2020-01-01
4
M
0
2763
A
64998
D
Common Stock
2020-01-01
4
D
0
6123
4.21
D
58875
D
Common Stock
2020-01-01
4
D
0
1382
4.21
D
57493
D
Restricted Stock Unit (Time Vested)
0
2020-01-01
4
M
0
12246
0
D
Common Stock
12246
0
D
Restricted Stock Unit (Time Vested)
0
2020-01-01
4
M
0
2763
0
D
Common Stock
2763
0
D
Performance Right (Performance Unit Award)
2019-12-31
5
J
0
0
0
D
Common Stock
0
0
D
Stock Appreciation Right
6.6
Common Stock
6100
6100
D
Stock Appreciation Right
5.92
Common Stock
6100
6100
D
Restricted Stock Unit (Performance Vested)
0
Common Stock
2762
2762
D
Restricted Stock Unit (Performance Vested)
0
Common Stock
12246
12246
D
Restricted Stock Unit (Performance Vested)
0
Common Stock
38265
38265
D
Restricted Stock Unit (Time Vested)
0
Common Stock
38265
38265
D
Performance Right (Performance Unit Award)
Common Stock
0
D
Performance Right (Performance Unit Award)
Common Stock
0
D
Each Time Vested Restricted Stock Unit ("TV RSU") represented the right to receive one share of common stock or its cash equivalent, all of which vested on January 1, 2020. The TV RSUs were settled 50% in shares and 50% in cash in a deemed disposition to ORBCOMM Inc. (the "Company") based on the closing price of the common stock on December 31, 2019 to cover withholding tax obligations.
Each TV RSU represented the right to receive one share of common stock or its cash equivalent, all of which vested on January 1, 2020. The TV RSUs were settled 50% in shares and 50% in cash in a deemed disposition to the Company based on the closing price of the common stock on December 31, 2019 to cover withholding tax obligations.
The first portion of the 2019 Performance Unit Award ("PUA") relating to fiscal year 2019 lapsed unvested based on the stock of the Company not exceeding the threshold stock price level required to earn a portion of the 2019 PUA allocated to fiscal year 2019. See footnote 10 below for additional information on vesting terms of the 2019 PUA).
Each Time Vested Stock Appreciation Right ("TV SAR") represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the TV SAR (December 17, 2014) to the date of exercise of the TV SAR. The TV SAR awards vested on January 1, 2016. The TV SAR awards expire on December 17, 2024 and have an exercise price of $6.60 per share, the closing price of the common stock on the grant date.
Each TV SAR represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the TV SAR (December 12, 2013) to the date of exercise of the TV SAR. The TV SAR awards vested on January 1, 2015. The TV SAR awards expire on December 12, 2023 and have an exercise price of $5.92 per share, the closing price of the common stock on the grant date.
Each Performance Vested Restricted Stock Unit ("PV RSU") represents the right to receive one share of common stock or its cash equivalent. The PV RSU will vest based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2019.
Each PV RSU represents the right to receive one share of common stock or its cash equivalent. The PV RSU will vest based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2019.
Each PV RSU represents the right to receive one share of common stock or its cash equivalent. The PV RSU will vest based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2020.
Each TV RSU represents the right to receive one share of common stock or its cash equivalent on the vesting date, January 1, 2021.
The 2019 PUA represents the right to receive up to 41.25% of the reporting person's 2019 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2019 PUA is allocated in 3 amounts (11.25% of 2019 base salary to 2019 and 15% of 2019 base salary to each of 2020 and 2021) and will vest and be payable only if the stock price reaches specified price targets as of 12/31 of each year and the reporting person is employed by the Company as of the vesting and payment dates. No portion of the 2019 PUA will vest if the threshold stock price is not reached for that year. If the stock price is above the threshold level for that year, the amount of the 2019 PUA that vests and is payable will increase up to the maximum portion of the 2019 PUA allocated to that year. The market price of the Company's common stock as of 12/31 of each year will be based on average daily closing prices of the common stock for the 20 trading days immediately prior to 12/31.
The 2020 PUA represents the right to receive up to 45% of the reporting person's 2020 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2020 PUA is allocated in 3 equal amounts (15% of 2020 base salary) to each of 2020, 2021 and 2022 and will vest and be payable only if the stock price reaches specified price targets as of 12/31 of each year and the reporting person is employed by the Company as of the vesting and payment dates. No portion of the 2020 PUA will vest if the threshold stock price is not reached for that year. If the stock price is above the threshold level for that year, the amount of the 2020 PUA that vests and is payable will increase up to the maximum portion of the 2020 PUA allocated to that year. The market price of the Company's common stock as of 12/31 of each year will be based on average daily closing prices of the common stock for the 20 trading days immediately prior to 12/31.
/s/ Christian Le Brun, by power of attorney
2020-01-03