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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
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 control number. | SEC 1474 (9-02) |
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 Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Forward sale contract (obligation to sell) | (2) (3) | 09/13/2013 | J(1)(2)(3) | 150,000 (2) (3) | (2)(3) | (2)(3) | Common Stock | 150,000 | $ 0 (2) (3) | 0 | I | By trust |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Clark Andrew S. 13500 EVENING CREEK DRIVE NORTH SUITE 600 SAN DIEGO, CA 92128 |
X | Chief Executive Officer |
/s/ Diane L. Thompson, as Attorney-in-Fact | 09/17/2013 | |
**Signature of Reporting Person | Date |
* | 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). |
(1) | Transaction code is J/K. |
(2) | On September 13, 2013, the reporting person entered into a prepaid variable forward sale contract with an unaffiliated third party buyer. The contract obligates the reporting person to deliver to the buyer shares of the issuer's common stock within three business day of each of August 18, 2015, August 19, 2015 and August 20, 2015 (the "Maturity Dates") in amounts up to 50,000, 50,000 and 50,000 shares (or, at the reporting person's election, an equivalent amount of cash based on the market price of the issuer's common stock at that time), respectively, on the applicable Maturity Date. In exchange for assuming this obligation, the reporting person received a cash payment of $2,069,362.79 as of the date of entering into the contract. The reporting person pledged 150,000 shares of the issuer's Common Stock to secure his obligations under the contract and retained dividend and voting rights in the pledged shares during the term of the pledge. |
(3) | The number of shares of Common Stock to be delivered within three business days following each Maturity Date is to be determined as follows: (i) If the closing price per share on the applicable Maturity Date (in each case, the "Settlement Price") is less than or equal to $17.4409 (the "Forward Floor Price"), 50,000 shares of common stock (the "Number of Shares"); (ii) If the Settlement Price is greater than the Forward Floor Price but less than or equal to $26.1614 (the "Forward Cap Price"), a number of shares equal to the product of (x) the Number of Shares multiplied by (y) the Forward Floor Price divided by the Settlement Price; (iii) If the Settlement Price is greater than the Forward Cap Price, a number of Shares equal to the product of (x) the Number of Shares multiplied by (y) the quotient of (I) the Forward Floor Price plus (Settlement Price - Forward Cap Price), divided by (II) the Settlement Price. |