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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES 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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| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) | ||
| 1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction 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 (Month/Day/Year) |
7. Title and Amount of Underlying Securities (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) |
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| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Performance-Based Restricted Stock Units | (3) | 08/23/2019 | A | 450,000 | (3) | 08/23/2029 | Common Stock | 450,000 | $ 0 | 450,000 | D | ||||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| Lerner James J C/O QUANTUM CORPORATION 224 AIRPORT PARKWAY, SUITE 550 SAN JOSE, CA 95110 |
X | President, CEO | ||
| /s/ James J. Lerner | 08/27/2019 | |
| **Signature of Reporting Person | Date |
| * | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
| ** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
| (1) | Grant of Restricted Stock Units ("RSUs"), each of which represents a contingent right to receive one share of common stock of QMCO. The RSUs were approved in connection with the reporting person's commencement of employment in 2018, although the grant was effective on August 23, 2019, the first business day on which QMCO became current with respect to its filings under the Exchange Act of 1934. 150,000 RSUs were fully vested when the grant became effective on August 23, 2019. |
| (2) | Grant of Restricted Stock Units ("RSUs"), each of which represents a contingent right to receive one share of common stock of QMCO. The RSUs were approved in connection with the reporting person's commencement of employment in 2018, although the grant was effective on August 23, 2019, the first business day on which QMCO became current with respect to its filings under the Exchange Act of 1934. The RSUs vest in three equal annual installments beginning on beginning on July 1, 2019; although the first vesting date was deferred until August 23, 2019. The remaining shares will vest in equal installments on July 1, 2020 and July 1, 2021. |
| (3) | Grant of Performance-Based Restricted Stock Units, each of which represents a contingent right to receive one share of common stock of QMCO, with vesting subject to the achievement of specified levels of the average closing prices of a share of QMCO common stock during any sixty (60) day trading period on a National Exchange occurring between July 1, 2018 and June 30, 2022. Vesting is subject to continued employment with the Company through the later of the achievement date or service vesting date, which occurs in three equal annual installments on August 23, 2019, July 1, 2020 and July 1, 2021. |