ServiceSource International (SREV) executive Naughton returned to the company 635,873 shares at $1.50

Insider transactions reported

Michael Damien Naughton (executive at ServiceSource International Inc., SREV) reported that they returned to the company 635,873 shares at $1.50 on Jul 20, 2022. After these transactions the filing shows 0 shares held directly.

Reporting person

Naughton Michael Damien

Options and other derivatives

Holdings before and after

• Common Stock: 635,873 to 0 direct
• Option: 50,000 to 0 direct

Footnotes from the filing

1. 1. This amount includes 429,166 restricted stock units of ServiceSource subject to time-based vesting (each an RSU ).
2. 2. On July 20, 2022, pursuant to that certain Agreement and Plan of Merger (the Merger Agreement ), dated May 6, 2022, by and among ServiceSource International, Inc. ( ServiceSource ), Concentrix Corporation ( Parent ), and Concentrix Merger Sub Inc., a direct, wholly-owned subsidiary of Parent ( Acquisition Sub ), Acquisition Sub merged with and into ServiceSource, with ServiceSource surviving as a wholly-owned subsidiary of Parent (the Merger ). Pursuant to the Merger Agreement, and by virtue of the Merger, each issued and outstanding share of ServiceSource common stock, par value $0.0001 per share, was converted into the right to receive $1.50 in cash, without interest (the Merger Consideration ).
3. 3. (Continued from Footnote 2) Pursuant to the Merger Agreement each RSU that was outstanding immediately prior to the effective time of the Merger was automatically assumed by Parent and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the total number of shares of ServiceSource common stock underlying such RSU multiplied by (ii) the Merger Consideration, plus any dividend equivalent amounts accrued with respect to such RSU which amount shall be payable at the same time as under the terms and conditions of the RSUs.
4. 4. The shares subject to the option were scheduled to vest in three equal annual installments beginning on September 1, 2020.
5. 5. Pursuant to the Merger Agreement each outstanding option to purchase ServiceSource common stock (each a Company Option ) that was outstanding immediately prior to the effective time of the Merger automatically vested (if unvested) and was cancelled and, if the exercise price per share of the ServiceSource common stock was less than the Merger Consideration, was converted into the right to receive an amount in cash, without interest, equal to the product of (i) the excess, if any, of (A) the Merger Consideration over (B) the per-share exercise price for such Company Option multiplied by (ii) the total number of shares of ServiceSource common stock underlying such Company Option.

Transaction codes in this filing

Sale back to the company:

Code D marks a disposition back to the company under an exempt plan, as opposed to a sale in the market.

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