FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). |
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
IKANOS COMMUNICATIONS, INC. [ IKAN ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 03/23/2015 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
Code | V | Amount | (A) or (D) | Price |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Stock Option (right to buy) | $17.7 | 03/23/2015 | D | 42,500 | (1) | 09/13/2016 | Common Stock | 42,500 | (2) | 0 | D | ||||
Stock Option (right to buy) | $11.8 | 03/23/2015 | D | 10,000 | (1) | 11/09/2017 | Common Stock | 10,000 | (2) | 0 | D | ||||
Stock Option (right to buy) | $2.8 | 03/23/2015 | A | 42,000 | (3) | 03/23/2022 | Common Stock | 42,000 | (2) | 42,000 | D | ||||
Stock Option (right to buy) | $12.7 | 03/23/2015 | D | 4,000 | (1) | 08/03/2018 | Common Stock | 4,000 | (4) | 0 | D | ||||
Stock Option (right to buy) | $13.9 | 03/23/2015 | D | 6,000 | (1) | 10/31/2019 | Common Stock | 6,000 | (4) | 0 | D | ||||
Stock Option (right to buy) | $13.2 | 03/23/2015 | D | 6,250 | (1) | 07/30/2020 | Common Stock | 6,250 | (4) | 0 | D | ||||
Stock Option (right to buy) | $2.8 | 03/23/2015 | A | 13,000 | (5) | 03/23/2022 | Common Stock | 13,000 | (4) | 13,000 | D |
Explanation of Responses: |
1. The canceled option provided for vesting as follows: 25% of the shares subject to the option vest on the one year anniversary of the transaction date and 6.25% of the shares vest on each subsequent three (3) month anniversary of the transaction date, subject to the Reporting Person continuing to be a service provider through each such date. |
2. On March 23, 2015, the Issuer canceled, pursuant to the Issuer's option exchange program, options granted to the Reporting Person on 09/13/2009 and 11/09/2010. In exchange for these options to cumulatively purchase 52,500 shares, the Reporting Person received a new option to purchase 42,000 shares at a lower exercise price. |
3. These options vest monthly over 24 months. |
4. On March 23, 2015, the Issuer canceled, pursuant to the Issuer's option exchange program, options granted to the Reporting Person on 08/03/2011, 10/31/2012, and 07/30/13. In exchange for these options to cumulatively purchase 16,250 shares, the Reporting Person received a new option to purchase 13,000 shares at a lower exercise price. |
5. These options vest monthly over 36 months. |
Remarks: |
/s/ Andrew S. Hughes, by power of attorney | 03/25/2015 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* 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). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
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 Number. |