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Filing Details

Accession Number:: 0001378848-16-000022
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2016-08-17 16:14:32
Reporting Period:: 2016-08-15

Filing Date:: 2016-08-17
Accepted Time:: 2016-08-17 16:14:32
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
896841	Avid Technology Inc.	AVID	Photographic Equipment & Supplies (3861)	042977748

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1378848	W. John Frederick	Avid Technology, Inc. 75 Network Drive Burlington MA 01803		No	No	No	Yes

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	Acquisiton	2016-08-15	41,300	$7.40	128,852	No	4	M	Direct
Common Stock	Disposition	2016-08-15	41,300	$9.11	87,552	No	4	S	Direct
Common Stock	Acquisiton	2016-08-15	225,000	$7.87	312,552	No	4	M	Direct
Common Stock	Disposition	2016-08-15	225,000	$9.06	87,552	No	4	S	Direct
Common Stock	Acquisiton	2016-08-16	116,206	$7.40	203,758	No	4	M	Direct
Common Stock	Disposition	2016-08-16	116,206	$9.10	87,552	No	4	S	Direct
Common Stock	Acquisiton	2016-08-16	55,000	$7.87	142,552	No	4	M	Direct
Common Stock	Disposition	2016-08-16	55,000	$9.13	87,552	No	4	S	Direct
Common Stock	Acquisiton	2016-08-16	20,000	$7.87	107,552	No	4	M	Direct
Common Stock	Disposition	2016-08-16	20,000	$9.11	87,552	No	4	S	Direct

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

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Employee Stock Option (right to buy)	Disposition	2016-08-15	41,300	$0.00	41,300	$7.40
Common Stock	Employee Stock Option (right to buy)	Disposition	2016-08-15	225,000	$0.00	225,000	$7.87
Common Stock	Employee Stock Option (right to buy)	Disposition	2016-08-16	116,206	$0.00	116,206	$7.40
Common Stock	Employee Stock Option (right to buy)	Disposition	2016-08-16	55,000	$0.00	55,000	$7.87
Common Stock	Employee Stock Option (right to buy)	Disposition	2016-08-16	20,000	$0.00	20,000	$7.87

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
116,206	2015-02-12	2016-11-01	No	4	M	Direct
55,000	2013-05-11	2016-11-01	No	4	M	Direct
0	2015-02-12	2016-11-01	No	4	M	Direct
0	2013-05-11	2016-11-01	No	4	M	Direct
0	2014-02-11	2016-11-01	No	4	M	Direct

Footnotes

The price reported in Column 4 of Table 1 is a weighted average price. The shares were sold on August 15, 2016 in multiple transactions at prices ranging from $9.10 to $9.13, inclusive. The reporting person undertakes to provide to any security holder of Avid Technology, 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 this footnote.
The price reported in Column 4 of Table 1 is a weighted average price. The shares were sold on August 15, 2016 in multiple transactions at prices ranging from $8.95 to $9.15, inclusive. The reporting person undertakes to provide to any security holder of Avid Technology, 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 this footnote.
The price reported in Column 4 of Table 1 is a weighted average price. The shares were sold on August 16, 2016 in multiple transactions at prices ranging from $9.00 to $9.14, inclusive. The reporting person undertakes to provide to any security holder of Avid Technology, 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 this footnote.
The price reported in Column 4 of Table 1 is a weighted average price. The shares were sold on August 16, 2016 in multiple transactions at prices ranging from $9.12 to $9.15, inclusive. The reporting person undertakes to provide to any security holder of Avid Technology, 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 this footnote.
The price reported in Column 4 of Table 1 is a weighted average price. The shares were sold on August 16, 2016 in multiple transactions at prices ranging from $9.01 to $9.13, inclusive. The reporting person undertakes to provide to any security holder of Avid Technology, 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 this footnote.
The option vests as follows: (i) on the later of the date the Company's registration statement covering the exercise of the option is effective (the "Effective Date") or February 12, 2015, the vested number of shares shall equal (A) 33.33% of the shares plus (B) an additional 8.25% of the shares for each three-month period, if any, starting from February 12, 2015, that is completed on or before the Effective Date, and (ii) thereafter the shares shall vest in equal installments of 8.25% of the shares upon the conclusion of each three-month period (starting from February 12, 2015) that ends after the Effective Date, with the first vesting date on February 12, 2015; provided that the officer is employed by the Company on such vesting date. The option was vested and exercisable on May 12, 2016.
The options were modified from performance-based and market based to time-based vesting (credited for time already served since the original grant date) with a one-time performance-based acceleration as determined by the compensation committee based on the Company's 2014 Adjusted EBITDA results, as described in "Long-Term Equity Incentive Compensation - 2014 Equity Grants" in the Company's 2016 Proxy Statement. In March 2015, the compensation committee made a determination of acceleration based on the Company's financials for fiscal year 2014, and a portion of the outstanding modified options were accelerated, with the first vesting date on May 11, 2013, with the remaining continuing to vest on a time based schedule, all as described in "Long-Term Equity Incentive Compensation - 2015 Equity Grants" in the Company's 2016 Proxy Statement. The option was vested and exercisable on August 11, 2015.
The option was vested and exercisable on February 11, 2014.