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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
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 control number. | SEC 1474 (9-02) |
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 Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Employee Stock Option (right to buy) | $ 2.01 | 01/30/2019 | A | 500,000 | (2) | (3) | Class A Common Stock | 500,000 | $ 0 | 500,000 | D | ||||
Employee Stock Option (right to buy) | $ 2.01 | 01/30/2019 | A | 3,000,000 | (4) | (3) | Class A Common Stock | 3,000,000 | $ 0 | 3,000,000 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
MAYER MARC O C/O MANNING & NAPIER, INC. 290 WOODCLIFF DRIVE FAIRPORT, NY 14450 |
Chief Executive Officer |
/s/ Sarah C. Turner, attorney-in-fact | 02/01/2019 | |
**Signature of Reporting Person | Date |
* | 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). |
(1) | Includes 125,000 shares of common stock and 250,000 restricted stock units that will convert to common stock on a one-for-one basis as follows: (i) 125,000 shares will vest on December 31, 2019, and (ii) 125,000 shares will vest on December 31, 2020. |
(2) | The options will vest ratably over a three-year period, with one-third vesting on January 1, 2020, an additional one-third vesting on January 1, 2021, and the remaining one-third vesting on January 1, 2022. |
(3) | The options shall terminate and become null and void at the close of business on the date that is the fourth anniversary of the applicable vesting date. |
(4) | The option becomes exercisable, if at all, if the average closing price per share of Class A Common stock of the Company equals or exceeds the applicable target price per share for 20 consecutive trading days on or before the applicable dates as follows: (i) 400,000 shares if the target price of $3.25 is reached by December 31, 2021, (ii) 289,000 shares at each of the following target prices and target dates: $3.75 by December 31, 2021, $4.25 by December 31, 2022, $4.75 by December 31, 2022, $5.25 by December 31, 2023, $5.75 by December 31, 2023, $6.25 by December 31, 2024, $6.75 by December 31, 2024, $7.25 by December 31, 2025; and (iii) 288,000 shares if the target price of $7.75 is reached by December 31, 2025. |