Filing Details

Accession Number:
0001140361-15-000639
Form Type:
4
Zero Holdings:
No
Publication Time:
2015-01-05 21:01:56
Reporting Period:
2014-12-31
Filing Date:
2015-01-05
Accepted Time:
2015-01-05 21:01:56
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
1361983 Orbcomm Inc. ORBC Communications Services, Nec (4899) 412118289
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1268735 G Robert Costantini C/O Orbcomm Inc.
395 W. Passaic Street, Suite 325
Rochelle Park NJ 07662
Evp & Cfo No Yes No No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Common Stock Acquisiton 2014-12-31 6,762 $0.00 153,823 No 4 M Direct
Common Stock Acquisiton 2014-12-31 5,866 $0.00 159,689 No 4 M Direct
Common Stock Disposition 2015-01-05 6,315 $6.50 153,374 No 4 S Direct
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 M Direct
No 4 M Direct
No 4 S Direct
Reported Non-Derivative Holdings
Sec. Name Remaning Holdings Nature of Ownership Explanation
Restricted Stock Unit (Performance Vested) 9,000 Direct
Restricted Stock Unit (Performance Vested) 9,000 Direct
Reported Derivative Holdings
Sec. Name Sec. Type Price Date Expiration Date Amount Remaning Holdings Nature of Ownership
Common Stock Stock Appreciation Right $6.60 27,000 27,000 Direct
Common Stock Stock Appreciation Right $5.92 27,000 27,000 Direct
Common Stock Stock Appreciation Right $11.00 66,667 66,667 Direct
Common Stock Stock Appreciation Right $4.96 250,000 250,000 Direct
Common Stock Stock Appreciation Right $2.46 75,000 75,000 Direct
Common Stock Stock Appreciation Right $2.46 18,688 18,688 Direct
Common Stock Stock Appreciation Right $11.00 52,972 52,972 Direct
Common Stock Stock Appreciation Right $3.65 43,125 43,125 Direct
Common Stock Stock Appreciation Right $2.74 50,000 50,000 Direct
Common Stock Stock Appreciation Right $3.53 50,000 50,000 Direct
Common Stock Performance Right (Performance Unit Award) $0.00 0 0 Direct
Common Stock Performance Right (Performance Unit Award) $0.00 0 0 Direct
Common Stock Performance Right (Performance Unit Award) $0.00 0 0 Direct
Expiration Date Amount Remaning Holdings Nature of Ownership
27,000 27,000 Direct
27,000 27,000 Direct
66,667 66,667 Direct
250,000 250,000 Direct
75,000 75,000 Direct
18,688 18,688 Direct
52,972 52,972 Direct
43,125 43,125 Direct
50,000 50,000 Direct
50,000 50,000 Direct
0 0 Direct
0 0 Direct
0 0 Direct
Footnotes
  1. Shares issued upon vesting of a portion of the 2013 Performance Unit Award ("PUA") relating to fiscal 2014 based on the stock price of ORBCOMM Inc. (the "Company") achieving the level required to earn the maximum portion of the 2013 PUA allocated to fiscal 2014 (15% of the reporting person's 2013 base salary). See Footnote 16 below. For 2014, the Compensation Committee (the "Committee") determined that the 2014 payout would be made in shares of common stock based on the closing price of the Company's common stock on December 31, 2014 of $6.54 per share.
  2. Shares issued upon vesting of a portion of the 2014 PUA relating to fiscal 2014 based on the stock price of the Company exceeding the threshold stock price level for fiscal 2014 (13% of the reporting person's 2014 base salary). The remaining portion of the 2014 PUA allocated to fiscal 2014 lapsed unvested. See Footnote 17 below. For 2014, the Committee determined that the 2014 payout would be made in shares of common stock based on the closing price of the Company's common stock on December 31, 2014 of $6.54 per share.
  3. The 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.
  4. Each Performance Vested Restricted Stock Unit ("PV RSU") represents the right to receive one share of common stock. The PV RSU awards will vest based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2015.
  5. Each PV RSU represents the right to receive one share of common stock. The PV RSU awards will vest based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2014.
  6. Each Time Vested Stock Appreciation Right ("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 will vest 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.
  7. 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.
  8. 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 5, 2006) to the date of exercise of the TV SAR. One-third of the TV SAR awards vested on each of January 1, 2007, January 1, 2008 and January 1, 2009. The TV SARs expire on October 5, 2016 and have an exercise price equal to the initial public offering price of $11.00 per share.
  9. 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 (March 31, 2008) to the date of exercise of the TV SAR. 50,000 of the TV SAR awards vested on December 31, 2008 and 100,000 of the TV SAR awards vested on each of December 31, 2009 and December 31, 2010. The TV SAR awards expire on March 31, 2018 and have an exercise price of $4.96 per share, the closing price of the common stock on the grant date.
  10. 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 (March 3, 2010) to the date of exercise of the TV SAR. 25,000 of the TV SAR awards vested on each of December 31, 2010, December 31, 2011, and December 31, 2012. The TV SAR awards expire on March 3, 2020 and have an exercise price of $2.46 per share, the closing price of the common stock on the grant date.
  11. 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 3, 2010) to the date of exercise of the PV SAR. The PV SAR awards vested based on the achievement by the employee and/or the Company of certain performance targets for fiscal year 2010. The PV SARs expire on March 3, 2020 and have an exercise price of $2.46 per share, the closing price of the common stock on the grant date.
  12. Each 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 (October 5, 2006) to the date of exercise of the PV SAR. One-third of the 66,667 PV SAR awards originally granted was to vest based on the achievement by the employee and/or the Company of certain performance targets for each of the fiscal years 2006, 2007 and 2008. The PV SARs expire on October 5, 2016 and have an exercise price equal to the initial public offering price of $11.00 per share.
  13. Each 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 2, 2011) to the date of exercise of the PV SAR. One half of the 50,000 PV SAR awards originally granted vest based on the achievement by the employee and/or the Company of certain performance targets for each of the fiscal years 2011 and 2012. The PV SARs expire on March 2, 2021 and have an exercise price of $3.65 per share, the closing price of the common stock on the grant date. In March 2012, 18,125 PV SARs vested based on achievement of certain 2011 performance targets and 6,875 PV SARs lapsed unvested.
  14. 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.
  15. 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.
  16. The 2013 PUA represents the right to receive up to 45% of the reporting person's 2013 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2013 PUA is allocated in 3 equal amounts (15% of 2013 base salary) to each of 2013, 2014 and 2015 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 date. No portion of the 2013 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 2013 PUA that will vest and be payable will increase up to the maximum portion of the 2013 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.
  17. The 2014 PUA represents the right to receive up to 45% of the reporting person's 2014 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2014 PUA is allocated in 3 equal amounts (15% of 2014 base salary) to each of 2014, 2015 and 2016 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 date. No portion of the 2014 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 2014 PUA that will vest and be payable will increase up to the maximum portion of the 2014 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.
  18. The 2015 PUA represents the right to receive up to 45% of the reporting person's 2015 base salary, in cash, common stock or a combination of both, as determined by the Committee. The 2015 PUA is allocated in 3 equal amounts (15% of 2015 base salary) to each of 2015, 2016 and 2017 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 date. No portion of the 2015 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 2015 PUA that will vest and be payable will increase up to the maximum portion of the 2015 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.