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Filing Details

Accession Number:: 0000899243-16-013751
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2016-02-18 18:48:50
Reporting Period:: 2016-02-16

Filing Date:: 2016-02-18
Accepted Time:: 2016-02-18 18:48:50
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1595974	Rubicon Project Inc.	RUBI	Services-Computer Programming, Data Processing, Etc. (7370)	208881738

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1222387	L Todd Tappin	C/O The Rubicon Project, Inc. 12181 Bluff Creek Drive, 4Th Floor Los Angeles CA 90094	Cfo & Coo	No	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Disposition	2016-02-16	5,625	$12.38	344,139	No	4	S	Direct
Common Stock	Acquisiton	2016-02-17	48,889	$0.00	393,028	No	4	A	Direct
Common Stock	Acquisiton	2016-02-17	73,333	$0.00	466,361	No	4	A	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	S	Direct
No	4	A	Direct
No	4	A	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Stock Option (right to buy)	Acquisiton	2016-02-17	56,286	$0.00	56,286	$13.16

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
56,286		2026-02-01	No	4	A	Direct

Footnotes

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan in order to cover the reporting person's tax liability incurred upon the vesting of the reporting person's restricted shares.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.12 to $12.56, inclusive. The reporting person undertakes to provide The Rubicon Project, Inc., any security holder of The Rubicon Project, Inc., 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 ranges set forth in footnote (2) to this Form 4.
Represents shares of restricted stock that vest as follows: (a) 15,277 shares on May 15, 2017; (b) 6,111 shares on November 15, 2017; (c) 6,112 shares on May 15, 2018; (d) 6,111 shares each November 15 and May 15 thereafter until November 15, 2019; and (e) 3,056 shares on May 15, 2020.
Granted as compensation for services.
Represents shares of restricted stock tied to the Issuer's market price ("Market Stock Awards" or "MSAs"). The MSAs vest upon certification by the Board or Compensation Committee of the Issuer promptly following the Measurement Date for the MSAs, which is the first to occur of (i) February 1, 2019, (ii) the effective date of a Sale Transaction (as defined in the Severance Agreement between the Issuer and the reporting person to include various change in control transactions), or (iii) the date of termination of the reporting person's continuous service as a result of an involuntary termination, death, or disability. On the vesting date, the MSAs will vest with respect to the number of shares of the issuer's common stock, consisting of none, some, or all of the total shares issued, determined as the product obtained by multiplying the Performance Factor times the Target Shares as of the Measurement Date.
(Continued from Footnote 5) Initial Target Shares are two-thirds of the total number of MSAs issued, subject to pro-rata reduction for partial time served if the reporting person's continuous service terminates as a result of death, disability, involuntary termination not in connection with a Sale Transaction, or voluntary termination initiated by the reporting person. If the Calculated Quotient is less than 50%, the Performance Factor is zero, resulting in no vesting. If the Calculated Quotient is more than 150%, the Performance Factor is 150%. If the Calculated Quotient is at least 50% but not more than 150%, the Performance Factor is equal to the Calculated Quotient. For this purpose, the "Calculated Quotient" is obtained by dividing the 20-day trailing average closing price for the Issuer's common stock as of the Measurement Date by the 20-day trailing average closing price for the issuer's common stock as of the issuance date.
25% of the stock options will vest on February 1, 2017 and the remaining option shares will become exercisable in 36 equal installments each calendar month thereafter.