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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 | ||||||||
Restricted Stock Units | (1) | 04/11/2019 | A | 57,895 | (2) | (2) | Common Stock | 57,895 | $ 0 | 57,895 | D | ||||
Restricted Stock Units | (3) | 04/11/2019 | A | 565,327 | (4) | (4) | Common Stock | 565,327 | $ 0 | 565,327 | D | ||||
Restricted Stock Units | (3) | 04/11/2019 | A | 565,326 | (5) | (5) | Common Stock | 565,326 | $ 0 | 565,326 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Messina Glen A. 1661 WORTHINGTON ROAD, SUITE 100 WEST PALM BEACH, FL 33409 |
X | President & CEO |
/s/ Michael J. Stanton, Attorney-in-Fact for Glen A. Messina | 04/15/2019 | |
**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) | Each Restricted Stock Unit represents a contingent right to receive a cash payment equal to the closing price of one share of OCN common stock on the applicable vesting date. |
(2) | On April 11, 2019, the reporting person was granted 57,895 restricted stock units subject to both a performance-based condition and a time-based vesting schedule. The target number of units subject to the award is reported above. On each of the first, second and third anniversaries of grant, between 0% and 200% of one-third of the target number of units will be eligible to vest based on the extent to which a pre-established cumulative absolute total shareholder return level is met. |
(3) | Each Restricted Stock Unit represents a contingent right to receive one share of OCN common stock. |
(4) | On April 11, 2019, the reporting person was granted 565,327 restricted stock units subject to both a performance-based condition and a time-based vesting schedule. The target number of units subject to the award is reported above. Between 0% and 200% of the target number of units will be eligible to vest on April 11, 2022 based on the extent to which a pre-established absolute total shareholder return level is met. |
(5) | On April 11, 2019, the reporting person was granted 565,326 restricted stock units scheduled to vest in three equal annual installments on the first, second and third anniversaries of grant. |