SEC Form 4 · accession 0001225208-15-022425
TESCO CORP · TESO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Raymond Vance QC Milligan
Director
Period of report
Dec 12, 2015
Accepted (ET)
Dec 15, 2015 · 7:38 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 StockF1,F3 | Dec 12, 2015 | M | 2,833 | $0.00 | A | 32,666 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitF4,F5 | — | Dec 12, 2015 | M | 2,833 | D | Dec 12, 2015 | Dec 12, 2017 | Common Stock | 2,833 | 5,667 | D |
Explanation of responses
- F1The vest date occurred on Saturday, December 12, 2015; therefore, the deemed vest date was Monday, December 14.
- F2On December 12, 2014, the Reporting Person received a grant of Restricted Stock Units (RSUs) under the Amended and Restated 2005 Tesco Corporation Incentive Plan. The RSUs vested on the anniversary date of the grant. Under the terms of the Plan, the Company redeemed the vested RSUs for an equal number of shares of common stock of the Company.
- F3The Reporting Person received shares of common stock of the Company upon the vesting and redemption of an equal number of RSUs. 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 $7.27.
- F4The Company redeemed RSUs from a grant received by the Reporting Person on December 12, 2014. Under the terms of the Plan, there is no conversion price.
- F5The RSUs vest equally over three years on the anniversary of the grant date.