0001615890-17-000006.txt : 20170404
0001615890-17-000006.hdr.sgml : 20170404
20170404161801
ACCESSION NUMBER: 0001615890-17-000006
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20170331
FILED AS OF DATE: 20170404
DATE AS OF CHANGE: 20170404
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: SONUS NETWORKS INC
CENTRAL INDEX KEY: 0001105472
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
IRS NUMBER: 043387074
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 4 TECHNOLOGY PARK DRIVE
CITY: WESTFORD
STATE: MA
ZIP: 01886
BUSINESS PHONE: 9786148100
MAIL ADDRESS:
STREET 1: 4 TECHNOLOGY PARK DRIVE
CITY: WESTFORD
STATE: MA
ZIP: 01886
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Riley Kevin W.
CENTRAL INDEX KEY: 0001615890
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-34115
FILM NUMBER: 17738414
MAIL ADDRESS:
STREET 1: C/O 4 TECHNOLOGY PARK DRIVE
CITY: WESTFORD
STATE: MA
ZIP: 01886
4
1
edgar.xml
PRIMARY DOCUMENT
X0306
4
2017-03-31
0001105472
SONUS NETWORKS INC
SONS
0001615890
Riley Kevin W.
C/O SONUS NETWORKS, INC.
4 TECHNOLOGY PARK DRIVE
WESTFORD
MA
01886
0
1
0
0
SVP Engineering & CTO
Common Stock
2017-03-31
4
A
0
93750
0
A
236865
D
Common Stock
2017-04-03
4
M
0
4750
0
A
241615
D
Common Stock
2017-04-03
4
F
0
7637
6.59
D
233978
D
Performance-Based Restricted Stock Units (PSUs)
0
2017-03-31
4
A
0
31250
0
A
Common Stock
31250
31250
D
Performance-Based Restricted Stock Units (PSUs)
0
2017-04-03
4
M
0
4750
0
D
Common Stock
4750
12500
D
These are restricted shares of Common Stock that vest over a three-year period as follows: one-third of the shares shall vest on March 31, 2018, and the remaining two-thirds of the shares shall vest in four equal increments semi-annually thereafter through March 31, 2020.
Each PSU represents a contingent right to receive one share of the Issuer's Common Stock, based on the Issuer's total shareholder return (TSR) compared to pre-established relative TSR goals, based on the TSR of the NASDAQ Telecommunications Index, that were set by the Compensation Committee of the Issuer's Board of Directors. The aggregate number of shares issued may range from zero (0) shares to 120% of the target number of shares reported in columns 7 and 9 of this report.
Between zero (0) and 200% of one-third of the PSUs will vest, if at all, on each of March 31, 2018, March 31, 2019 and March 31, 2020.
Represents the number of shares of Common Stock that vested for the 2016 performance period in connection with the 18,750 PSUs granted to the Reporting Person on April 1, 2016. As described in the Form 4 filed by the Reporting Person on April 5, 2016, between zero (0) and 200% of 6,250 PSUs were eligible to vest to the Reporting Person on April 1, 2017 for the 2016 performance period. Of this amount, 4,750 shares of Common Stock actually vested to the Reporting Person, representing vesting at 76.0% of target for the 2016 performance period. Performance for this award during the award's 2016 performance period was measured based on the Issuer's total shareholder return (TSR) compared to pre-established relative TSR goals, based on the TSR of the NASDAQ Telecommunications Index, that were set by the Compensation Committee of the Issuer's Board of Directors.
As a result of achievement at 76.0% of target based on the Issuer's performance for the 2016 performance period, the Reporting Person forfeited 1,500 shares. In addition, of the 4,750 total shares of Common Stock that vested for the 2016 performance period, the Reporting Person delivered 1,543 shares to the Issuer for payment of tax liability incident to the vesting of a security, as detailed in Footnote 8 to this Form 4.
Between zero (0) and 200% of one half of the remaining PSUs will vest, if at all, on each of April 1, 2018 and April 1, 2019.
Amount reflects the forfeiture of 1,500 PSUs of the aggregate amount granted on April 1, 2016 that failed to vest following the 2016 performance period based on the Issuer's performance for such 2016 performance period as determined by the Compensation Committee of the Issuer's Board of Directors at the end of the 2016 performance period. The original aggregate number of PSUs granted to the Reporting Person on April 1, 2016 was reported in Table II of Form 4 filed by the Reporting Person on April 5, 2016.
PAYMENT OF TAX LIABILITY BY DELIVERING SECURITIES TO THE ISSUER INCIDENT TO THE VESTING OF A SECURITY.
Kevin W. Riley
2017-04-04