0000905718-20-000514.txt : 20200522 0000905718-20-000514.hdr.sgml : 20200522 20200522193200 ACCESSION NUMBER: 0000905718-20-000514 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20200520 FILED AS OF DATE: 20200522 DATE AS OF CHANGE: 20200522 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Park West Asset Management LLC CENTRAL INDEX KEY: 0001386928 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-36225 FILM NUMBER: 20907634 BUSINESS ADDRESS: STREET 1: 900 LARKSPUR LANDING CIRCLE, SUITE 165 CITY: LARKSPUR STATE: CA ZIP: 94939 BUSINESS PHONE: (415) 524-2902 MAIL ADDRESS: STREET 1: 900 LARKSPUR LANDING CIRCLE, SUITE 165 CITY: LARKSPUR STATE: CA ZIP: 94939 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: Kindred Biosciences, Inc. CENTRAL INDEX KEY: 0001561743 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 461160142 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 1555 BAYSHORE HIGHWAY, SUITE 200 CITY: BURLINGAME STATE: CA ZIP: 94010 BUSINESS PHONE: 650-701-7901 MAIL ADDRESS: STREET 1: 1555 BAYSHORE HIGHWAY, SUITE 200 CITY: BURLINGAME STATE: CA ZIP: 94010 4 1 kindredbiosc_fm4may202020.xml X0306 4 2020-05-20 0 0001561743 Kindred Biosciences, Inc. KIN 0001386928 Park West Asset Management LLC 900 LARKSPUR LANDING CIRCLE, SUITE 165 LARKSPUR CA 94939 0 0 1 0 Equity Swap 2020-05-20 4 J 1 8997 D 2016-10-05 Common Stock 8977 401003 I See Footnotes Equity Swap 2020-05-20 4 J 1 17589 D 2017-03-24 Common Stock 17589 150624 I See Footnotes Equity Swap 2020-05-20 4 J 1 3670 D 2017-03-27 Common Stock 3670 28117 I See Footnotes Park West Asset Management LLC (the "Reporting Person") is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company ("PWIMF"), and Park West Partners International, Limited, a Cayman Islands exempted company ("PWPI"). Peter S. Park ("Mr. Park") is the sole member and manager of the Reporting Person. The Reporting Person previously entered into certain equity swaps with a securities broker (the "Counterparty"), as described below, covering certain shares of Common Stock, par value $0.0001 per share (the "Common Stock"), of Kindred Biosciences, Inc. (the "Company"). The equity swaps are scheduled to expire on June 4, 2020 (the "Settlement Date"). However, on May 20, 2020 (the "Cancellation Date"), the Reporting Person agreed with the Counterparty to terminate the equity swaps early with respect to certain shares for the payments described below. Commencing October 5, 2016, the Reporting Person entered into an equity swap with the Counterparty for 410,000 shares of Common Stock, under which, on the Settlement Date, (i) the Reporting Person is obligated to pay to the Counterparty $5.18 per share (including a $0.03 per share commission (the "Purchase Commission")), and (ii) the Counterparty is obligated to pay to the Reporting Person the aggregate market value as of the Settlement Date for such shares. Upon the Cancellation Date, the Reporting Person terminated the equity swap early with respect to 8,997 shares, for an average market value of $4.8888 per share (net of a $0.02 per share commission (the "Sale Commission")). The net payment by the Reporting Person to the Counterparty in connection with such termination was approximately $43,984. The equity swap remains in place upon its original terms with respect to the remaining 401,003 shares of Common Stock. Commencing March 24, 2017, the Reporting Person entered into an equity swap with the Counterparty for 168,213 shares of Common Stock, under which, on the Settlement Date, (i) the Reporting Person is obligated to pay to the Counterparty $7.1531 per share (including the Purchase Commission), and (ii) the Counterparty is obligated to pay to the Reporting Person the aggregate market value as of the Settlement Date for such shares. Upon the Cancellation Date, the Reporting Person terminated the equity swap early with respect to 17,589 shares, for an average market value of $4.8888 per share (net of the Sale Commission). The net payment by the Reporting Person to the Counterparty in connection with such termination was approximately $85,989. The equity swap remains in place upon its original terms with respect to the remaining 150,624 shares of Common Stock. Commencing March 27, 2017, the Reporting Person entered into an equity swap with the Counterparty for 31,787 shares of Common Stock, under which, on the Settlement Date, (i) the Reporting Person is obligated to pay to the Counterparty $7.1237 per share (including the Sales Commission), and (ii) the Counterparty is obligated to pay to the Reporting Person the aggregate market value as of the Settlement Date for such shares. Upon the Cancellation Date, the Reporting Person terminated the equity swap early with respect to 3,670 shares, for an average market value of $4.8888 per share (net of the Sale Commission). The net payment by the Reporting Person to the Counterparty in connection with such termination was approximately $17,941. The equity swap remains in place upon its original terms with respect to the remaining 28,117 shares of Common Stock. During the term of the equity swaps, any dividends earned on the shares of Common Stock underlying the equity swaps are required to be paid to the Reporting Person, and the Reporting Person must pay to the Counterparty "interest" on the aggregate swap amount at the Federal Funds rate plus 30 basis points. Of the aggregate of 579,744 shares of Common Stock currently underlying the equity swaps, PWIMF held the economic equivalent of 540,229 shares, and PWPI held the economic equivalent of 39,515 shares. The Reporting Person's and Mr. Park's beneficial ownership is limited to their pecuniary interest, if any, in such securities. /s/ Grace Jimenez, Chief Financial Officer of Park West Asset Management LLC 2020-05-22