Form Type: 4

SEC EDGAR Link
Acccession Number:0001140361-19-016557
Date:2019-09-11
Issuer: ORBCOMM INC. (ORBC)
Original Submission Date:

Reporting Person:

MILCOS CONSTANTINE
C/O ORBCOMM, INC.
395 W. PASSAIC STREET, SUITE 325 ROCHELLE PARK, NJ 07662

Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
Title of SecurityTransaction Date2a. Deemed Execution Date Transaction CodeSharesAcquired or DisposedPrice per share 5. Amount of Securities Beneficially Owned Following Reported Transaction 6. Ownership Form Direct or IndirectNature of Indirect Ownership
COMMON STOCK 2019-09-11 P 15,000 a $5.25 48,367 direct
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, convertible securities
Title of Derivative Security Conversion or Exercise Price of Derivative Security Transaction Date Deemed Execution Date Transaction Code Number of Derivative Securities Acquired (A) or Disposed of (D) Date ExercisableExpiration Date Title and Amount of Securities Underlying Derivative Security Price of Derivative Security Number of derivative Securities Beneficially Owned Following Reported Transaction(s) Ownership Form: Direct (D) or Indirect (I) Nature of Indirect Beneficial Ownership
STOCK APPRECIATION RIGHT 6.6 deemed execution date 0 ( ) common stock 6,100 $6.60 6,100 direct
STOCK APPRECIATION RIGHT 5.92 deemed execution date 0 ( ) common stock 6,100 $5.92 6,100 direct
RESTRICTED STOCK UNIT (PERFORMANCE VESTED) 0.0 deemed execution date 0 ( ) common stock 2,762 $0.00 2,762 direct
RESTRICTED STOCK UNIT (TIME VESTED) 0.0 deemed execution date 0 ( ) common stock 2,763 $0.00 2,763 direct
RESTRICTED STOCK UNIT (PERFORMANCE VESTED) 0.0 deemed execution date 0 ( ) common stock 12,246 $0.00 12,246 direct
RESTRICTED STOCK UNIT (TIME VESTED) 0.0 deemed execution date 0 ( ) common stock 12,246 $0.00 12,246 direct
PERFORMANCE RIGHT (PERFORMANCE UNIT AWARD) 0.0 deemed execution date 0 ( ) common stock $0.00 0 direct
Footnotes
IDfootnote
f1 the price reported in column 4 is a weighted average price. these shares were purchased in multiple transactions at prices ranging from $5.20 to $5.31, inclusive. the reporting person undertakes to provide orbcomm inc. (the "company"), any security holder of the company, 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 range set forth above.
f2 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 vested 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.
f3 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.
f4 each performance vested restricted stock unit ("pv rsu") represents the right to receive one share of common stock or its cash equivalent. the pv rsu will vest based on the achievement by the employee and/or the company of certain performance targets for fiscal year 2019.
f5 each time vested restricted stock unit ("tv rsu") represents the right to receive one share of common stock or its cash equivalent on the vesting date, january 1, 2020.
f6 each pv rsu represents the right to receive one share of common stock or its cash equivalent. the pv rsu will vest based on the achievement by the employee and/or the company of certain performance targets for fiscal year 2019.
f7 each tv rsu represents the right to receive one share of common stock or its cash equivalent on the vesting date, january 1, 2020.
f8 the 2019 performance unit award ("pua") represents the right to receive up to 41.25% of the reporting person's 2019 base salary, in cash, common stock or a combination of both, as determined by the compensation committee. the 2019 pua is allocated in 3 amounts (11.25% of 2019 base salary to 2019 and 15% of 2019 base salary to each of 2020 and 2021) 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 dates. no portion of the 2019 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 2019 pua that vests and is payable will increase up to the maximum portion of the 2019 pua allocated to that year.
f9 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.

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