SEC Form 4 · accession 0001225208-16-041143
TESCO CORP · TESO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
A later amendment supersedes this filing — read the amendment. The figures below are kept as originally reported (version chain, not an overwrite).
Reporting owner
Fernando Rafael Assing
Officer — President & CEO · Director
Period of report
Nov 1, 2016
Accepted (ET)
Nov 3, 2016 · 5:33 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001022705
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitF3,F1,F4 | — | Nov 1, 2016 | A | 96,000 | A | Nov 1, 2017 | Nov 1, 2019 | Common Stock | 96,000 | 96,000 | D |
Explanation of responses
- F1Each Restricted Stock Unit (RSU) may be redeemed, at the Company's discretion for one share of the Comapny's common stock or its cash equivalent.
- F2All awards were granted (i) on November 1, 2016 to the Reporting Person as a portion of his compensation for serving as an officer or director of the Company; and (ii) pursuant to the terms of the Amended and Restated Tesco Corporation 2005 Incentive Plan, which is exempt under Rule 16b-3(d). The vesting of all awards is contingent upon the Reporting Person's continued employment by or service as a Director to the Company.
- F3This number represents the restricted stock units (RSUs) granted. These RSUs are subject to a three-year vesting period. RSUs are calculated on a one-for-one share basis. Each RSU may be redeemed, at the Company's discretion, for one share of the Company's common stock or its cash equivalent.
- F4The RSUs vest equally over three years on the anniversary of the grant date.