SEC Form 4 · accession 0001225208-15-000152
TESCO CORP · TESO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Fernando Rafael Assing
Officer — President & CEO · Director
Period of report
Dec 31, 2014
Accepted (ET)
Jan 2, 2015 · 7:51 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001022705
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2 | Dec 31, 2014 | M | 7,150 | $0.00 | A | 56,364 | D | |
| Common StockF3 | Dec 31, 2014 | M | 5,060 | $0.00 | A | 61,424 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance Stock Units - OIF4,F5 | — | Dec 31, 2014 | M | 5,060 | D | May 10, 2015 | May 10, 2015 | Common Stock | 7,590 | 0 | D |
| Performance Stock Units - TSRF6,F7 | — | Dec 31, 2014 | M | 7,150 | D | May 10, 2015 | May 10, 2015 | Common Stock | 10,725 | 0 | D |
Explanation of responses
- F1All awards were granted pursuant to the terms of the Amended and Restated Tesco Corporation 2005 Incentive Plan, which is exempt under Rule 16b-3(d).
- F2To determine the number of PSUs available at vesting, the original numbers of shares granted were multiplied by a multiplier earned, from 0-1.5 (0-150 percent). PSU - TSR (Total Shareholder Return) was redeemed with a 1.3 multiplier.
- F3To determine the number of PSUs available at vesting, the original number of shares granted were multiplied by a multiplier earned, from 0-1.5 (0-150 percent). PSU - OI (Operating Income) was redeemed with a 0.92 multiplier.
- F4The Reporting Person received shares of the Company's common stock upon the vesting and redemption of an equal number of PSU - OIs. The Reporting Person received the shares at no cost. The market value of the shares of common stock was calculated in accordance with the Plan at US $12.79.
- F5The Performance Stock Units were entered with an incorrect Vest Date and Expiration Date. The Vest Date and Expiration date were December 31, 2014.
- F6The Reporting Person received shares of the Company's common stock upon the vesting and redemption of an equal number of PSU - TSRs. The Reporting Person received the shares at no cost. The market value of the shares of common stock was calculated in accordance with the Plan at US $12.79.
- F7The Performance Stock Units were entered with an incorrect Vest Date and Expiration Date. The Vest Date and Expiration Date were December 31, 2014.