SEC Form 4
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*
DISCOVERY CAPITAL MANAGEMENT, LLC / CT

(Last) (First) (Middle)
20 MARSHALL STREET
SUITE 310

(Street)
SOUTH NORWALK CT 06854

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
UNIVERSAL DISPLAY CORP \PA\ [ PANL ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
05/03/2012
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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 05/03/2012 P 100,000 A $40.77 5,929,626 I See Footnote(1)
Common Stock 57,030 I See Footnote(2)
Common Stock 121,459 D(3)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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
Equity Swap (4) 05/03/2012 J 1 (4) 10/09/2012(4) Common Stock 48,200 (4) 1 I See Footnote(2)
1. Name and Address of Reporting Person*
DISCOVERY CAPITAL MANAGEMENT, LLC / CT

(Last) (First) (Middle)
20 MARSHALL STREET
SUITE 310

(Street)
SOUTH NORWALK CT 06854

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Citrone Robert K.

(Last) (First) (Middle)
C/O DISCOVERY CAPITAL MANAGEMENT, LLC
20 MARSHALL STREET, SUITE 310

(Street)
SOUTH NORWALK CT 06854

(City) (State) (Zip)
Explanation of Responses:
1. The reported securities are directly owned by certain private investment vehicles managed by Discovery Capital Management, LLC and may be deemed beneficially owned by Discovery Capital Management, LLC as the investment manager of such private investment vehicles and also may be deemed beneficially owned by Robert K. Citrone, as the Managing Member of Discovery Capital Management, LLC. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
2. The reported securities are directly owned by certain private investment vehicles managed by an entity of which Robert K. Citrone is a managing member and therefore, may be deemed beneficially owned by Robert K. Citrone, in his capacity as a managing member. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
3. These securities are directly owned by Robert K. Citrone.
4. On May 3, 2012, a private investment vehicle managed by an entity of which Robert K. Citrone is a managing member entered into an equity swap agreement with a securities broker (the "Swap Agreement"). The Swap Agreement references a basket of securities, including 48,200 shares of the Issuer's Common Stock. Under the agreement, the securities broker agreed to pay the investment vehicle an amount equal to any increase, and the investment vehicle agreed to pay the securities broker an amount equal to any decrease, in the official market price of Swap Agreement's underlying securities. The reference price of the Issuer's Common Stock in the Swap Agreement is US$40.51 per share upon close-out of any transaction.
Discovery Capital Management, LLC., By: /s/ Robert K. Citrone, Managing Member 05/07/2012
/s/ Robert K. Citrone 05/07/2012
** 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).
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