Tesaro Form 4 / Mary Lynne Hedley ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Hedley Mary Lynne

(Last)

(First)

(Middle)

C/O TESARO, INC., 1000 WINTER STREET

(Street)

WALTHAM,

02451

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
TESARO, Inc. [ TSRO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
President & COO

3. Date of Earliest Transaction (Month/Day/Year)
01/22/2019

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	01/22/2019		U		26,816⁽¹⁾	D	$75	0	D
Common Stock	01/22/2019		U		563,569⁽¹⁾	D	$75	0	I	See Footnote⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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 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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽³⁾	01/22/2019		D			20,000	⁽⁴⁾	⁽⁴⁾	Common Stock	20,000	⁽⁴⁾	0	D
Restricted Stock Units	⁽³⁾	01/22/2019		D			8,339	⁽⁴⁾	⁽⁴⁾	Common Stock	8,339	⁽⁴⁾	0	D
Restricted Stock Units	⁽³⁾	01/22/2019		D			40,909	⁽⁴⁾	⁽⁴⁾	Common Stock	40,909	⁽⁴⁾	0	D
Employee Stock Option (right to buy)	$1.33	01/22/2019		D			285,714	⁽⁵⁾⁽⁶⁾	07/19/2021	Common Stock	285,714	⁽⁵⁾⁽⁶⁾	0	D
Employee Stock Option (right to buy)	$6.615	01/22/2019		D			319,467	⁽⁵⁾⁽⁶⁾	03/16/2022	Common Stock	319,467	⁽⁵⁾⁽⁶⁾	0	D
Employee Stock Option (right to buy)	$24.18	01/22/2019		D			175,000	⁽⁵⁾⁽⁶⁾	03/06/2023	Common Stock	175,000	⁽⁵⁾⁽⁶⁾	0	D
Employee Stock Option (right to buy)	$33.74	01/22/2019		D			105,000	⁽⁵⁾⁽⁶⁾	02/27/2024	Common Stock	105,000	⁽⁵⁾⁽⁶⁾	0	D
Employee Stock Option (right to buy)	$55.11	01/22/2019		D			115,000	⁽⁵⁾⁽⁶⁾	03/06/2025	Common Stock	115,000	⁽⁵⁾⁽⁶⁾	0	D
Employee Stock Option (right to buy)	$43.39	01/22/2019		D			80,000	⁽⁵⁾⁽⁶⁾	03/01/2026	Common Stock	80,000	⁽⁵⁾⁽⁶⁾	0	D
Employee Stock Option (right to buy)	$178.95	01/22/2019		D			20,216	⁽⁴⁾⁽⁶⁾	03/01/2027	Common Stock	20,216	⁽⁴⁾⁽⁶⁾	0	D
Employee Stock Option (right to buy)	$55.84	01/22/2019		D			71,896	⁽⁵⁾⁽⁶⁾	03/01/2028	Common Stock	71,896	⁽⁵⁾⁽⁶⁾	0	D

Explanation of Responses:

1. Tendered in connection with the tender offer made by Adriatic Acquisition Corporation, a Delaware corporation ("Purchaser") and a wholly-owned subsidiary of GlaxoSmithKline plc, a public company organized under the laws of England and Wales ("Parent"), to purchase all of the issued and outstanding shares of TESARO, Inc., a Delaware corporation ("TESARO"), for $75.00 per share, pursuant to the terms of that certain Agreement and Plan of Merger, dated as of December 3, 2018 by and among TESARO, Purchaser, and Parent (the "Merger Agreement").

2. These shares are held by trusts of which the Reporting Person is a trustee or co-trustee. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, of such portion of the shares of TESARO held by the trusts in which the Reporting Person has no pecuniary interest.

3. Each restricted stock unit represents a contingent right to receive one share of TESARO common stock.

4. These restricted stock units were cancelled pursuant to the Merger Agreement at the effective time of the Merger (the "Effective Time") in exchange for a cash payment of $75.00 per share.

5. Pursuant to the Merger Agreement, each option that was outstanding and unvested immediately prior to the Effective Time vested in full at the Effective Time. [Cont'd]

6. [Continuation] Each option that was outstanding immediately prior to the Effective Time that had an exercise price per share less than $75.00 was cancelled in exchange for the right of the holder to receive (without interest) an amount in cash (less applicable withholding of taxes required by applicable law) equal to the product of (i) the total number of shares of TESARO common stock subject to the unexercised portion of such option immediately prior to the Effective Time (determined after giving effect to the accelerated vesting described in the previous sentence) multiplied by (ii) the excess, if any, of $75.00 over the applicable exercise price per share under such option. Each option that was outstanding immediately prior to the Effective Time with an exercise price per share that is greater than or equal to $75.00 was cancelled at the Effective Time, and the holder of such option is not entitled to any payment in exchange for the cancellation of the option.

Remarks:

	/s/ Joseph L. Farmer, Attorney-in-Fact	01/22/2019
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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 Number.

Tesaro (TSRO) Inactive Form 4TESARO / Mary Lynne Hedley ownership change