SEC Form 4 · accession 0001225208-16-041153
TESCO CORP · TESO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John Dielwart
Director
Period of report
Nov 1, 2016
Accepted (ET)
Nov 3, 2016 · 5:48 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 | 15,800 | A | Nov 1, 2017 | Nov 1, 2019 | Common Stock | 15,800 | 15,800 | D |
Explanation of responses
- F1Each Restricted Stock Unit (RSU) may be redeemed at the Company's discretion, for one share of the Company'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 contigent 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.