0001528396-22-000091.txt : 20220919
0001528396-22-000091.hdr.sgml : 20220919
20220919190715
ACCESSION NUMBER: 0001528396-22-000091
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20220915
FILED AS OF DATE: 20220919
DATE AS OF CHANGE: 20220919
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Hung Priscilla
CENTRAL INDEX KEY: 0001557593
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-35394
FILM NUMBER: 221251725
MAIL ADDRESS:
STREET 1: 2850 S. DELAWARE STREET
STREET 2: SUITE 400
CITY: SAN MATEO
STATE: CA
ZIP: 94404
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: Guidewire Software, Inc.
CENTRAL INDEX KEY: 0001528396
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372]
IRS NUMBER: 364468504
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0731
BUSINESS ADDRESS:
STREET 1: 2850 S. DELAWARE ST., SUITE 400
CITY: SAN MATEO
STATE: CA
ZIP: 94403
BUSINESS PHONE: 650-357-9100
MAIL ADDRESS:
STREET 1: 2850 S. DELAWARE ST., SUITE 400
CITY: SAN MATEO
STATE: CA
ZIP: 94403
4
1
wf-form4_166362881493561.xml
FORM 4
X0306
4
2022-09-15
0
0001528396
Guidewire Software, Inc.
GWRE
0001557593
Hung Priscilla
C/O GUIDEWIRE SOFTWARE, INC.
2850 SOUTH DELAWARE STREET, SUITE 400
SAN MATEO
CA
94403
0
1
0
0
President & COO
Common Stock
2022-09-15
4
A
0
27534
0
A
66482
D
Common Stock
2022-09-15
4
M
0
380
0
A
66862
D
Common Stock
2022-09-15
4
M
0
342
0
A
67204
D
Common Stock
2022-09-15
4
M
0
3869
0
A
71073
D
Common Stock
2022-09-15
4
M
0
2608
0
A
73681
D
Common Stock
2022-09-15
4
M
0
3821
0
A
77502
D
Common Stock
2022-09-19
4
S
0
7402
62.8195
D
70100
D
Performance Shares
0.0
2022-09-15
4
A
0
27534
0
A
2032-09-15
Common Stock
27534.0
27534
D
Performance Shares
0.0
2022-09-15
4
M
0
380
0
D
2028-09-12
Common Stock
380.0
0
D
Performance Shares
0.0
2022-09-15
4
M
0
342
0
D
2029-09-06
Common Stock
342.0
1367
D
Performance Shares
0.0
2022-09-15
4
M
0
3869
0
D
2029-09-06
Common Stock
3869.0
0
D
Performance Shares
2022-09-15
4
M
0
2608
0
D
Common Stock
2608.0
10108
D
Performance Shares
0.0
2022-09-15
4
M
0
3821
0
D
Common Stock
3821.0
17040
D
Shares sold by Issuer to cover taxes associated with settlement of Restricted Stock Units.
The sale price reported in column 4 of Table 1 represents the average sale price of the shares sold ranging from $62.8187 to $62.8210 per share. The reporting person will provide, upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.
At the end of Year 1, 50% of the PSU award will be determined based on performance against the FY23 ARR targets. 33% will vest immediately, 33% will vest at end of Year 2, and 33% will vest at end of Year 3. At the end of Year 3, 50% of the PSU award will be determined based on performance against the FY25 ARR targets. 100% will vest immediately.
On September 12, 2018, the Reporting Person was granted a target of 5,400 shares covered by restricted stock units with performance- and time-based vesting requirements. On September 6, 2019, the Compensation Committee of the Board of Directors determined that 112.5% of the performance-based conditions were met resulting in an additional 673 shares earned by the Reporting Person. The time-based vesting is: 1/4th on September 15, 2019, and 1/16th quarterly thereafter, subject to the Reporting Person's continued service to the Issuer.
On September 6, 2019, the Reporting Person was granted a target of 7,500 shares covered by restricted stock units with performance- and time-based vesting requirements. On September 9, 2020, the Compensation Committee of the Board of Directors determined that 73% of the performance-based conditions were met resulting in a reduction of 2,025 shares earned by the Reporting Person. The time-based vesting is: 1/4th vest on September 15, 2020, and 1/16th of the units vest quarterly thereafter, subject to the Reporting Person's continued service to the Issuer.
Each Performance Restricted Stock Unit ("TSR") represents a contingent right to receive one share of the Issuer's common stock. Between 0% to 125% (incorrectly previously reported as 110%) of the reported target number of TSRs may be earned, based on the Company's total shareholder return percentile ranking relative to the software companies in a peer industry index for a three-year cumulative performance period commencing August 1, 2019, and ending July 31, 2022 (the "TSR Performance Measurement Period"). All earned TSRs will vest at the end of the TSR Performance Measurement Period. On September 7, 2022, the Compensation Committee of the Board of Directors determined that 77.38% of the performance-based conditions were met resulting in a decrease of 1,131 shares earned by the Reporting Person.
Each restricted stock unit or performance stock unit represents a contingent right to receive one share of the Issuer's common stock.
These performance stock units are split in two halves, with vesting of each subject to the satisfaction of both performance- and time-based conditions. Performance-based conditions will be satisfied if financial targets, determined by the Issuer, are met for fiscal year 2021 for the first half and fiscal year 2023 for the second half. If the performance-based conditions for fiscal year 2021 are achieved, then the first half will vest based on performance with the following timing: 16.6% will vest on each of September 15, 2021, September 15, 2022, and September 15, 2023, subject to the Reporting Person's continued service to the Issuer. The second half will vest on September 15, 2023 based on achievement under the performance-based conditions for fiscal year 2023, subject to the Reporting Person's continued service to the Issuer.
At the end of Year 1, 50% of this Performance Stock Unit ("PSU") award will be determined based on performance against fiscal year 2022 financial targets, with the following vesting schedule: 33% vesting immediately, 33% vesting at end of Year 2, and 33% vesting at end of Year 3. On September 7, 2022, the Compensation Committee of the Board of Directors determined that 122% of the performance-based conditions were met resulting in an increase of 2,067 shares earned by the Reporting Person. At the end of Year 3, 50% of the PSU award will be determined based on performance against fiscal year 2024 financial targets, with the following vesting schedule: 100% vesting immediately.
By: Winston King, Attorney-in-Fact for Priscilla Hung
2022-09-19