0001140361-21-000281.txt : 20210105 0001140361-21-000281.hdr.sgml : 20210105 20210105211934 ACCESSION NUMBER: 0001140361-21-000281 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210105 DATE AS OF CHANGE: 20210105 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Stolte John J Jr CENTRAL INDEX KEY: 0001367780 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-33118 FILM NUMBER: 21508736 MAIL ADDRESS: STREET 1: C/O ORBCOMM INC. STREET 2: 395 W PASSAIC STREET, SUITE 325 CITY: ROCHELLE PARK STATE: NJ ZIP: 07662 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: ORBCOMM Inc. CENTRAL INDEX KEY: 0001361983 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 412118289 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 395 W PASSAIC STREET, SUITE 325 CITY: ROCHELLE PARK STATE: NJ ZIP: 07662 BUSINESS PHONE: 703-433-6300 MAIL ADDRESS: STREET 1: 395 W PASSAIC STREET, SUITE 325 CITY: ROCHELLE PARK STATE: NJ ZIP: 07662 4 1 form4.xml FORM 4 X0306 4 2020-12-31 0001361983 ORBCOMM Inc. ORBC 0001367780 Stolte John J Jr C/O ORBCOMM INC. 395 W PASSAIC STREET, SUITE 325 ROCHELLE PARK NJ 07662 true EVP, Technology & Operations Common Stock 2020-12-31 4 M 0 5559 7.42 A 135505 D Common Stock 2021-01-01 4 M 0 22321 A 157826 D Common Stock 2021-01-05 4 S 0 13940 7.4274 D 143886 D Performance Right (Performance Unit Award) 2020-12-31 4 M 0 5559 0 D Common Stock 5559 0 D Performance Right (Performance Unit Award) 2020-12-31 5 J 0 0 0 D Common Stock 0 D Performance Right (Performance Unit Award) 2020-12-31 5 J 0 0 0 D Common Stock 0 0 D Restricted Stock Unit (Time Vested) 0 2021-01-01 4 M 0 22321 0 D Common Stock 22321 0 D Stock Appreciation Right 6.6 Common Stock 23000 23000 D Stock Appreciation Right 5.92 Common Stock 23000 23000 D Stock Appreciation Right 3.42 Common Stock 17345 17345 D Stock Appreciation Right 2.74 Common Stock 50000 50000 D Stock Appreciation Right 3.53 Common Stock 40000 40000 D Restricted Stock Unit (Performance Vested) 0 Common Stock 22321 22321 D Restricted Stock Unit (Time Vested) 0 Common Stock 14182 14182 D Restricted Stock Unit (Performance Vested) 0 Common Stock 14182 14182 D Performance Right (Performance Unit Award) Common Stock 0 D Performance Right (Performance Unit Award) Common Stock 0 D Performance Right (Performance Unit Award) Common Stock 0 D Shares issued upon the vesting and deemed exercise of the first portion of the 2020 Performance Unit Award ("PUA") relating to fiscal year 2020 based on the stock of ORBCOMM Inc. (the "Company") exceeding the stock price level required to earn the maximum portion of the 2020 PUA allocated to fiscal year 2020 (15% of the reporting person's 2020 base salary) as determined by the Compensation Committee (the "Committee"). With respect to fiscal year 2020, the Committee determined that the payout would be made in shares of common stock based on the closing price of the Company's common stock on December 31, 2020 of $7.42 per share. See footnote 17 below for additional information on vesting terms of the 2020 PUA. Each Time Vested Restricted Stock Unit ("TV RSU") represented the right to receive one share of common stock or its cash equivalent, all of which vested on January 1, 2021. The reporting person sold shares of common stock in the open market to cover income tax obligations associated with the vesting of PUAs and TV RSUs described above. These sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person to cover tax withholding obligations. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $7.15 to $7.60, inclusive. The reporting person undertakes to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above. The last portion of the 2018 PUA relating to fiscal year 2020 lapsed unvested based on the stock of Company not exceeding the threshold stock price level required to earn a portion of the 2018 PUA allocated to fiscal year 2020. The 2018 PUA represented the right to receive up to 45% of the reporting person's 2018 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2018 PUA was allocated in 3 equal amounts (15% of 2018 base salary) to each of 2018, 2019 and 2020 and vests and was payable only if the stock price reached specified price targets as of 12/31 of each year and the reporting person was employed by the Company as of the vesting and payment dates. No portion of the 2018 PUA vested if the threshold stock price was not reached for that year. If the stock price is above the threshold level for that year, the amount of the 2018 PUA that vests and was payable would increase up to the maximum portion of the 2018 PUA allocated to that year. The market price of the Company's common stock as of 12/31 of each year was based on average daily closing prices of the common stock for the 20 trading days immediately prior to 12/31. The second portion of the 2019 PUA relating to fiscal year 2020 lapsed unvested based on the stock of the Company not exceeding the threshold stock price level required to earn a portion of the 2019 PUA allocated to fiscal year 2020. See footnote 16 below for additional information on vesting terms of the 2019 PUA. Each Time Vested Stock Appreciation Reward ("TV SAR") represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the TV SAR (December 17, 2014) to the date of exercise of the TV SAR. The TV SAR awards vested on January 1, 2016. The TV SAR awards expire on December 17, 2024 and have an exercise price of $6.60 per share, the closing price of the common stock on the grant date. Each TV SAR represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the TV SAR (December 12, 2013) to the date of exercise of the TV SAR. The TV SAR awards vested on January 1, 2015. The TV SAR awards expire on December 12, 2023 and have an exercise price of $5.92 per share, the closing price of the common stock on the grant date. Each Performance Vested Stock Appreciation Right ("PV SAR") represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the PV SAR (March 7, 2012) to the date of exercise of the PV SAR. In March 2013, 17,345 PV SARs of the 25,000 PV SAR awards originally granted vested based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2012 and 7,655 PV SARs lapsed unvested. The PV SARs expire on March 7, 2022 and have an exercise price of $3.42 per share, the closing price of the common stock on the grant date. Each TV SAR represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the TV SAR (October 26, 2011) to the date of exercise of the TV SAR. The TV SAR awards vested on December 31, 2011. The TV SAR awards expire on October 26, 2021 and have an exercise price of $2.74 per share, the closing price of the common stock on the grant date. Each TV SAR represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the TV SAR (October 24, 2012) to the date of exercise of the TV SAR. The TV SAR awards vested on January 1, 2014. The TV SAR awards expire on October 24, 2022 and have an exercise price of $3.53 per share, the closing price of the common stock on the grant date. Each Performance Vested Restricted Stock Unit ("PV RSU") represents the right to receive one share of common stock or its cash equivalent. The PV RSU will vest based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2020. Each TV RSU represents the right to receive one share of common stock or its cash equivalent on the vesting date, January 1, 2022. Each PV RSU represent the right to receive one share of common stock or its cash equivalent. The PV RSU will vest based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2021. The 2019 PUA represents the right to receive up to 45% of the reporting person's 2019 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2019 PUA was allocated in 3 equal amounts (15% of 2019 base salary) to each of 2019, 2020 and 2021 and will vest and be payable only if the stock price reaches specified price targets as of 12/31 of each year and the reporting person is employed by the Company as of the vesting and payment dates. No portion of the 2019 PUA will vest if the threshold stock price is not reached for that year. If the stock price is above the threshold level for that year, the amount of the 2019 PUA that will vest and be payable will increase up to the maximum portion of the 2019 PUA allocated to that year. The market price of the Company's common stock as of 12/31 of each year will be based on average daily closing prices of the common stock for the 20 trading days immediately prior to 12/31. The 2020 PUA represents the right to receive up to 45% of the reporting person's 2020 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2020 PUA is allocated in 3 equal amounts (15% of 2020 base salary) to each of 2020, 2021 and 2022 and will vest and be payable only if the stock price reaches specified price targets as of 12/31 of each year and the reporting person is employed by the Company as of the vesting and payment dates. No portion of the 2020 PUA will vest if the threshold stock price is not reached for that year. If the stock price is above the threshold level for that year, the amount of the 2020 PUA that vests and is payable will increase up to the maximum portion of the 2020 PUA allocated to that year. The market price of the Company's common stock as of 12/31 of each year will be based on average daily closing prices of the common stock for the 20 trading days immediately prior to 12/31. The 2021 PUA represents the right to receive up to 45% of the reporting person's 2021 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2021 PUA is allocated in 3 equal amounts (15% of 2021 base salary) to each of 2021, 2022 and 2023 and will vest and be payable only if the stock price reaches specified price targets as of 12/31 of each year and the reporting person is employed by the Company as of the vesting and payment dates. No portion of the 2021 PUA will vest if the threshold stock price is not reached for that year. If the stock price is above the threshold level for that year, the amount of the 2021 PUA that vests and is payable will increase up to the maximum portion of the 2021 PUA allocated to that year. The market price of the Company's common stock as of 12/31 of each year will be based on average daily closing prices of the common stock for the 20 trading days immediately prior to 12/31. /s/Christian Le Brun, by power of attorney 2021-01-05