0001140361-15-019481.txt : 20150513
0001140361-15-019481.hdr.sgml : 20150513
20150513214730
ACCESSION NUMBER: 0001140361-15-019481
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20150511
FILED AS OF DATE: 20150513
DATE AS OF CHANGE: 20150513
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: SILVER SPRING NETWORKS INC
CENTRAL INDEX KEY: 0001180079
STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER COMMUNICATIONS EQUIPMENT [3576]
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 555 BROADWAY ST.
CITY: REDWOOD CITY
STATE: CA
ZIP: 94063
BUSINESS PHONE: 650-298-4200
MAIL ADDRESS:
STREET 1: 555 BROADWAY ST.
CITY: REDWOOD CITY
STATE: CA
ZIP: 94063
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Arnold Richard S. Jr.
CENTRAL INDEX KEY: 0001571546
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-35828
FILM NUMBER: 15860089
MAIL ADDRESS:
STREET 1: 555 BROADWAY STREET
CITY: REDWOOD CITY
STATE: CA
ZIP: 94063
4
1
doc1.xml
FORM 4
X0306
4
2015-05-11
0
0001180079
SILVER SPRING NETWORKS INC
SSNI
0001571546
Arnold Richard S. Jr.
C/O SILVER SPRING NETWORKS, INC.
555 BROADWAY ST.
REDWOOD CITY
CA
94063
0
1
0
0
General Counsel & Secretary
Common Stock
2015-05-11
4
A
0
2548
0
A
10554
D
Common Stock
2015-05-11
4
F
0
1002
11.77
D
9552
D
Common Stock
2015-05-11
4
M
0
78
0
A
9630
D
Common Stock
2015-05-11
4
F
0
34
11.95
D
9596
D
Common Stock
2015-05-12
4
M
0
3750
0
A
13346
D
Common Stock
2015-05-12
4
F
0
1376
11.77
D
11970
D
Performance Stock Units
0
2015-05-11
4
A
0
60000
0
A
Common Stock
60000
60000
D
Restricted Stock Units
0
2015-05-11
4
M
0
78
0
D
Common Stock
78
782
D
Restricted Stock Units
0
2015-05-12
4
M
0
3750
0
D
Common Stock
3750
11250
D
Represents restricted stock units ("RSUs") awarded to the Reporting Person on May 11, 2015 that vested in full and settled immediately upon grant. The shares of Common Stock were delivered to the Reporting Person upon settlement for no consideration.
Exempt transaction pursuant to Section 16b-3(e) for payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3. All of the shares reported as disposed of in this Form 4 were relinquished to the Issuer by the Reporting Person and cancelled by the Issuer in exchange for the Issuer's agreement to pay federal and state tax withholding obligations of the Reporting Person resulting from the vesting of RSUs. The Reporting Person did not sell or otherwise dispose of any of the shares reported on this Form 4 for any reason other than to cover required taxes.
Release and settlement of RSUs granted to the Reporting Person on May 12, 2014, the grant of which was previously reported on a Form 4 by the Reporting Person.
Release and settlement of RSUs granted to the Reporting Person on November 20, 2013, the grant of which was previously reported on a Form 4 by the Reporting Person.
Each performance stock unit ("PSU") represents a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration.
The PSUs shall be eligible to vest as to (i) 36,000 shares if the average trading closing price of the Issuer's Common Stock for 45 consecutive trading days after the grant date and prior to the 3 year anniversary of the grant date (the "Average Price Threshold") is equal to or greater than $20.00 per share, (ii) an additional 12,000 shares if the Average Price Threshold is equal to or greater than $25.00 per share, and (iii) an additional 12,000 shares if the Average Price Threshold is equal to or greater than $30.00 per share.
The PSUs that become eligible to vest according to the conditions described in note (4) shall vest as to 1/3rd of the total number of such shares on the one-year anniversary of the grant date and as to an additional 1/12th of such shares in equal quarterly installments thereafter. Shares of the Issuer's common stock will be delivered to the Reporting Person following vesting.
Each RSU represents a contingent right to receive one share of the Issuer's common stock.
25% of the RSUs vest on November 10, 2014 and thereafter shall vest quarterly as to 6.25% of the total RSUs with the first 6.25% vesting on February 10, 2015. Shares of the Issuer's common stock will be delivered to the Reporting Person following vesting.
25% of the RSUs vest on May 12, 2015 and thereafter shall vest quarterly as to 6.25% of the total RSUs with the first 6.25% vesting on August 12, 2015. Shares of the Issuer's common stock will be delivered to the Reporting Person following vesting.
/s/ Richard S. Arnold, Jr. by Cecilia Hartwig, Attorney-in-Fact
2015-05-13