Gary Steele - 31 Aug 2021 Form 4 Insider Report for PROOFPOINT INC (PFPT)

Role
Chairman and CEO, Director
Signature
/s/ Gary Steele, by Michael Yang, Attorney-in-Fact
Issuer symbol
PFPT
Transactions as of
31 Aug 2021
Net transactions value
-$11,696,608
Form type
4
Filing time
31 Aug 2021, 14:01:14 UTC
Previous filing
03 Jun 2021
Next filing
13 Apr 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PFPT Common Stock Disposed to Issuer $11,696,608 -66,458 -100% $176.00 0 31 Aug 2021 Direct F1

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 PFPT Non-qualified Stock Option (right to buy) Disposed to Issuer -84,241 -100% 0 31 Aug 2021 Common Stock 84,241 $36.00 Direct F2, F3
transaction PFPT Non-qualified Stock Option (right to buy) Disposed to Issuer -100,000 -100% 0 31 Aug 2021 Common Stock 100,000 $57.49 Direct F2, F3
transaction PFPT Non-qualified Stock Option (right to buy) Disposed to Issuer -65,000 -100% 0 31 Aug 2021 Common Stock 65,000 $50.93 Direct F2, F3
transaction PFPT Restricted Stock Units Disposed to Issuer -10,650 -100% 0 31 Aug 2021 Common Stock 10,650 $0.000000 Direct F4, F5, F6
transaction PFPT Restricted Stock Units Disposed to Issuer -112,545 -100% 0 31 Aug 2021 Common Stock 112,500 $0.000000 Direct F4, F5, F6
transaction PFPT Restricted Stock Units Disposed to Issuer -16,000 -100% 0 31 Aug 2021 Common Stock 16,000 $0.000000 Direct F4, F5, F6
transaction PFPT Restricted Stock Units Disposed to Issuer -15,000 -100% 0 31 Aug 2021 Common Stock 15,000 $0.000000 Direct F4, F5, F6
transaction PFPT Restricted Stock Units Disposed to Issuer -23,000 -100% 0 31 Aug 2021 Common Stock 23,000 $0.000000 Direct F4, F5, F6
transaction PFPT Restricted Stock Units Disposed to Issuer -8,437 -100% 0 31 Aug 2021 Common Stock 8,437 $0.000000 Direct F4, F5, F6, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Gary Steele is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 On April 25, 2021, Proofpoint, Inc. (the "Company") entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the "Merger Agreement") with Project Kafka Parent, LLC ("Parent") and Project Kafka Merger Sub, Inc., a wholly-owned subsidiary of Parent ("Merger Sub"), pursuant to which Merger Sub was merged with and into the Company (the "Merger"), with the Company surviving the Merger as a wholly owned subsidiary of Parent. Pursuant to the Merger Agreement, all shares of Company common stock outstanding immediately prior to the effective time of the Merger (the "Effective Time"), were canceled and converted automatically into the right to receive $176.00 in cash.
F2 Pursuant to the Merger Agreement, at the Effective Time, each vested Company stock option was cancelled and converted into the right to receive an amount in cash equal to (i) the difference between $176.00 and the exercise price of such stock option multiplied by (ii) the number of shares subject to such stock option.
F3 The stock option is fully vested.
F4 Each restricted stock unit represents a contingent right to receive 1 share of the Issuer's common stock upon settlement for no consideration.
F5 Pursuant to the Merger Agreement, immediately prior to the Effective Time, each unvested and outstanding restricted stock unit (each, an "Unvested Company RSU") was cancelled and converted into the right to receive an amount in cash equal to the product obtained by multiplying (x) the total number of shares of the Company's common stock underlying such Unvested Company RSU, by (y) $176.00, in each case subject to the same vesting schedule, termination terms and other conditions as such Unvested Company RSU was subject to immediately prior to the Effective Time, subject to the holder's continued service with the Parent or its affiliates.
F6 Restricted stock units do not expire; they either vest or are canceled prior to vesting date.
F7 The restricted stock units were earned by the Reporting Person on April 20, 2021 as determined by the Issuer's Board of Directors.