Statement of Changes in Beneficial Ownership (4)
July 02 2020 - 6:19PM
Edgar (US Regulatory)
FORM 4
[ ]
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
*
Thomann R Zach |
2. Issuer Name and Ticker or Trading Symbol
PFSWEB INC
[
PFSW
]
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5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Senior Vice President |
(Last)
(First)
(Middle)
C/O PFSWEB, INC., 505 MILLENNIUM DRIVE |
3. Date of Earliest Transaction
(MM/DD/YYYY)
6/30/2020 |
(Street)
ALLEN, TX 75013
(City)
(State)
(Zip)
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4. If Amendment, Date Original Filed
(MM/DD/YYYY)
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6. Individual or Joint/Group Filing
(Check Applicable Line)
_X
_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1.Title of Security (Instr. 3)
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2. Trans. Date
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2A. Deemed Execution Date, if any
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3. Trans. Code (Instr. 8)
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
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5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)
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6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
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Code
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V
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Amount
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(A) or (D)
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Price
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivate Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Trans. Date | 3A. Deemed Execution Date, if any | 4. Trans. 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 | 7. Title and Amount of Securities Underlying Derivative Security (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) |
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares |
Performance Share Award | (1)(2) | 6/30/2020 | | A | | 42200 | | (2) | (2) | Common Stock | 42200.0 | $0 | 42200 | D | |
Restricted Stock Unit | (1)(3) | 6/30/2020 | | A | | 34779 | | (3) | (3) | Common Stock | 34779.0 | $0 | 34779 | D | |
Performance Share Award - 2020 STI | (4) | 6/30/2020 | | A | | 18245 | | (4) | (4) | Common Stock | 18245.0 | $0 | 18245 | D | |
Restricted Stock Unit - 2020 LTI | (5) | 6/30/2020 | | A | | 18245 | | (5) | (5) | Common Stock | 18245.0 | $0 | 18245 | D | |
Performance Share Award - 2020 LTI | (6) | 6/30/2020 | | A | | 23719 | | (6) | (6) | Common Stock | 23719.0 | $0 | 23719 | D | |
Explanation of Responses: |
(1) | These awards were previously disclosed on a Form 4 dated 8/9/2019, with the shares underlying such awards being subject to approval of the Company's Stock and Incentive Plan by shareholders. This plan was approved on 6/30/2020 and the awards were granted on the same day. |
(2) | Issuance of Performance Share Award under the Company's Stock and Incentive Plan. Each performance share represents the contingent right to receive one share of Common Stock. Subject to vesting in two installments annually beginning December 31, 2020 contingent upon continued employment and the relative total shareholder return of the Company Common Stock as compared to a designated index. |
(3) | Issuance of Restricted Stock Unit Award under the Company's Stock and Incentive Plan. Each RSU represents a right to receive one share of Common Stock. Subject to vesting in three installments with the first being immediately vested. Remaining installments will vest annually beginning December 31, 2020 based upon continued employment and the other terms and conditions of the RSU Award Agreement. |
(4) | Issuance of Performance Share Award under the Company's Stock and Incentive Plan. Each performance share represents the contingent right to receive one share of Common Stock. Subject to vesting based upon the the achievement by the Company and/or a business unit thereof of performance goals measured by adjusted EBITDA and/or revenue for the 2020 fiscal year (subject to adjustment) and/or based upon continued employment. |
(5) | Issuance of Restricted Stock Unit Award under the Company's Stock and Incentive Plan. Each RSU represents a right to receive one share of Common Stock. Subject to three year annual vesting and the other terms and conditions of the Plan and the RSU Award Agreement. |
(6) | Issuance of Performance Share Award under the Company's Stock and Incentive Plan. Each performance share represents the contingent right to receive one share of Common Stock. Subject to vesting in three installments beginning December 31, 2020 contingent upon continued employment and the relative total shareholder return of the Company Common Stock as compared to a designated index. |
Reporting Owners
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Reporting Owner Name / Address | Relationships |
Director | 10% Owner | Officer | Other |
Thomann R Zach C/O PFSWEB, INC. 505 MILLENNIUM DRIVE ALLEN, TX 75013 |
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| Senior Vice President |
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Signatures
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/s/ Thomas J Madden by Power of Attorney | | 7/2/2020 |
**Signature of Reporting Person | Date |
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