Charles Stewart - Aug 7, 2020 Form 4 Insider Report for Altice USA, Inc. (ATUS)

Role
Director
Signature
/s/ Charles Stewart
Stock symbol
ATUS
Transactions as of
Aug 7, 2020
Transactions value $
$0
Form type
4
Date filed
4/25/2025, 06:11 PM
Next filing
May 10, 2021
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ATUS Class A common stock Other -600K -61.61% 374K Aug 7, 2023 Direct F1, F2, F4
transaction ATUS Class A common stock Other -350K -93.6% 23.9K Mar 19, 2024 Direct F5, F6, F7

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction ATUS Variable Prepaid Forward Transaction Other +600K 600K Aug 7, 2020 Class A common stock 600K Direct F1, F2, F3
transaction ATUS Variable Prepaid Forward Transaction Other -600K -100% 0 Aug 7, 2023 Class A common stock 600K Direct F1, F2, F4
transaction ATUS Variable Prepaid Forward Transaction Other -350K -100% 0 Mar 19, 2024 Class A common stock 350K Direct F5, F6, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On August 7, 2020, the reporting person entered into a Variable Prepaid Forward Transaction (the "2020 Transaction") with an unaffiliated bank (the "2020 VPFT Bank") relating to 600,000 shares of Class A common stock of the Issuer ("Shares").
F2 On August 7, 2023 (the "2020 Settlement Date"), the reporting person was obligated to deliver to the 2020 VPFT Bank a number of Shares determined as follows (or, at the reporting person's election, an equivalent amount in cash): (a) if the closing price per share on August 7, 2023 (the "2020 Settlement Price") is less than $26.38 (the "2023 Floor Price"), 600,000 Shares (the "2020 Number of Shares"); (b) if the 2020 Settlement Price is greater than the 2020 Floor Price but less than or equal to $33.32 (the "2020 Cap Price"), the 2020 Number of Shares multiplied by the 2020 Floor Price divided by the 2020 Settlement Price; and (c) if the 2020 Settlement Price is greater than the 2020 Cap Price, the 2020 Number of Shares multiplied by (1 - ((2020 Forward Cap Price - 2020 Forward Floor Price), divided by the 2020 Settlement Price)).
F3 In exchange for assuming this obligation, the reporting person received a cash payment of $14,497,440 as a loan on August 7, 2020. The reporting person pledged 600,000 Shares (the "2020 Pledged Shares") to the Bank to secure its obligations under the 2020 Transaction. The reporting person retained voting rights in the 2020 Pledged Shares during the term of the pledge, but the reporting person is obligated to share with the 2020 VPFT Bank certain economic benefits of dividends paid during the term of the pledge.
F4 On the 2020 Settlement Date, the reporting person settled the 2020 Transaction. On the 2020 Settlement Date, the 2020 Settlement Price was $3.46. Accordingly, the reporting person transferred to the 2020 VPFT Bank all of the 2020 Pledged Shares.
F5 On March 19, 2024 (the "2019 Settlement Date"), the reporting person settled a Variable Prepaid Forward Transaction (the "2019 Transaction") that was entered into on September 19, 2019 and amended on September 19, 2022 with an unaffiliated bank (the "2019 VPFT Bank") relating to 350,000 Shares.
F6 The Transaction obligated the reporting person to deliver on the 2019 Settlement Date to the 2019 VPFT Bank a number of Shares determined as follows (or, at the reporting person's election, an equivalent amount in cash): (a) if the closing price per 2019 Share on the 2019 Settlement Date (the "2019 Settlement Price") is less than $29.95 (the "2019 Floor Price"), 350,000 Shares (the "2019 Number of Shares"); (b) if the 2019 Settlement Price is greater than the 2019 Floor Price but less than or equal to $37.44 (the "2019 Cap Price"), the 2019 Number of Shares multiplied by the 2019 Floor Price divided by the 2019 Settlement Price; and (c) if the 2019 Settlement Price is greater than the 2019 Cap Price, the 2019 Number of Shares multiplied by (1 - (Cap Price - Floor Price), divided by the Settlement Price).
F7 The reporting person pledged 350,000 Shares (the "2019 Pledged Shares") to the 2019 VPFT Bank to secure its obligations under the 2019 Transaction. On the 2019 Settlement Date, the 2019 Settlement Price was $2.61. Accordingly, the reporting person transferred to the 2019 VPFT Bank all of the 2019 Pledged Shares.