Sec Form 4 Filing - Tessler Michael @ BROADSOFT, INC. - 2018-02-01

Insider filing report for Changes in Beneficial Ownership
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>
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
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: November 30, 2011
Estimated average burden hours per response... 0.5
1. Name and Address of Reporting Person
Tessler Michael
2. Issuer Name and Ticker or Trading Symbol
BROADSOFT, INC. [ BSFT]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
President & CEO
(Last) (First) (Middle)
C/O BROADSOFT, INC., 9737 WASHINGTONIAN BOULEVARD, SUITE 350
3. Date of Earliest Transaction (MM/DD/YY)
02/01/2018
(Street)
GAITHERSBURG, MD20878
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 02/01/2018 A 67,205 ( 1 ) A ( 1 ) $ 0 288,134 D
Common Stock 02/01/2018 D 288,134 D ( 2 ) $ 55 0 D
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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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
(MM/DD/YY)
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to Buy) $ 2.4 02/01/2018 D 132,584 ( 3 ) 06/10/2019 Common Stock 132,584 $ 52.6 ( 3 ) 0 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Tessler Michael
C/O BROADSOFT, INC.
9737 WASHINGTONIAN BOULEVARD, SUITE 350
GAITHERSBURG, MD20878
X President & CEO
Signatures
/s/ Darren DeStefano, Attorney-in-Fact 02/05/2018
Signature of Reporting Person Date
Explanation of Responses:
( 1 )In connection with the transactions contemplated by the Merger Agreement (as defined below), certain previously unvested performance stock units were converted into time-based vesting awards immediately prior to the closing of the Merger. Following the completion of the Merger, these awards represent the right to receive the merger consideration of $55 per share, with such cash payment subject to time-based vesting. Because of the performance-based vesting conditions of these performance stock units, these awards were not previously considered derivative securities for purposes of Section 16 of the Exchange Act and, therefore, were not previously reported pursuant to Section 16.
( 2 )Disposed of pursuant to the Agreement and Plan of Merger, dated as of October 20, 2017, by and among Cisco Systems, Inc. ("Cisco"), Brooklyn Acquisition Corp., a wholly-owned subsidiary of Cisco, and the Issuer (the "Merger Agreement") (the "Merger") in exchange for $55 per share on the effective date of the Merger.
( 3 )Pursuant to the Merger Agreement, this option was canceled in the Merger in exchange for a cash payment of $52.60 per share, representing the difference between the exercise price of the option and the merger consideration of $55 per share.

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.