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*
(Street)
| 2. Issuer Name and Ticker or Trading Symbol VALSPAR CORP [ VAL ] | 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
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3. Date of Earliest Transaction (Month/Day/Year) 06/01/2017 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed (Month/Day/Year) | 6. Individual or Joint/Group Filing (Check Applicable Line)
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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) | 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) | |||
Code | V | Amount | (A) or (D) | Price | ||||||
Common Stock | 06/01/2017 | A(1) | 13,207 | A | (1) | 59,088 | D | |||
Common Stock | 06/01/2017 | D | 59,088 | D | $113 | 0 | D | |||
Common Stock | 06/01/2017 | D | 2,427(2) | D | $113 | 0 | I | Savings and Retirement and Plan |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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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) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Stock Options (right to buy) | $26.37 | 06/01/2017 | D(3) | 50,000 | (4) | 10/21/2019 | Common Stock | 50,000 | (3) | 0 | D | ||||
Stock Options (right to buy) | $31.57 | 06/01/2017 | D(3) | 31,500 | (4) | 10/13/2020 | Common Stock | 31,500 | (3) | 0 | D | ||||
Stock Options (right to buy) | $32.34 | 06/01/2017 | D(3) | 42,000 | (4) | 10/05/2021 | Common Stock | 42,000 | (3) | 0 | D | ||||
Stock Options (right to buy) | $57.47 | 06/01/2017 | D(3) | 24,100 | (4) | 10/03/2022 | Common Stock | 24,100 | (3) | 0 | D | ||||
Stock Options (right to buy) | $64.78 | 06/01/2017 | D(3) | 19,480 | (4) | 10/02/2023 | Common Stock | 19,480 | (3) | 0 | D | ||||
Stock Options (right to buy) | $76.85 | 06/01/2017 | D(3) | 14,380 | (4) | 10/01/2024 | Common Stock | 14,380 | (3) | 0 | D | ||||
Stock Options (right to buy) | $71.88 | 06/01/2017 | D(3) | 26,330 | (4) | 09/30/2025 | Common Stock | 26,330 | (3) | 0 | D | ||||
Restricted Stock Units | $0.00 | 06/01/2017 | D(5) | 9,458 | (5) | (5) | Common Stock | 9,458 | (5) | 0 | D | ||||
Restricted Stock Units | $0.00 | 06/01/2017 | D(6) | 10,890 | (6) | (6) | Common Stock | 10,890 | (6) | 0 | D |
Explanation of Responses: |
1. Vesting of PSUs upon effectiveness of the merger contemplated by that certain Agreement and Plan of Merger (the "Merger Agreement") by and between The Valspar Corporation, The Sherwin-Williams Company ("Sherwin-Williams") and Viking Merger Sub Inc., a wholly owned subsidiary of Sherwin-Williams. |
2. Includes 139 shares vested in the Valspar Savings and Retirement Plan from 10/29/2016 through 6/1/2017. |
3. Pursuant to the Merger Agreement, each outstanding option was canceled in exchange for a cash payment equal to the product of (i) the number of shares subject to such option and (ii) the excess of $113.00 over the exercise price of the option. |
4. All of such options are fully vested, except the options at an exercise price of $76.85, which vest in equal annual installments on October 1, 2015, 2016 and 2017 and the options at an exercise price of $71.88, which vest in equal annual installments on September 30, 2016, 2017 and 2018. |
5. RSUs were to be paid out upon vesting. Pursuant to the Merger Agreement, each outstanding RSU was canceled in exchange for a cash payment equal to the product of (i) the number of shares subject to such RSU and (ii) $113.00. Vesting dates range from January 8, 2018 to January 14, 2019. |
6. Restricted stock unit award granted on 9/27/2016, which is after the date of the Merger Agreement. RSUs were to be paid out upon vesting on 9/27/2019. This award will be converted into an equivalent award relating to shares of Sherwin-Williams common stock on the terms set forth in the Merger Agreement. |
Remarks: |
/s/ Timothy Beastrom, by Power of Attorney | 06/05/2017 | |
** 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. |