SEC Form 4 · accession 0001225208-16-042793
TESCO CORP · TESO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael W Sutherlin
Director
Period of report
Dec 4, 2016
Accepted (ET)
Dec 6, 2016 · 4:13 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,F2 | Dec 4, 2016 | M | 5,500 | $7.73 | A | 48,466 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitF1,F3,F4 | — | Dec 4, 2016 | M | 5,500 | D | Dec 4, 2016 | Dec 4, 2018 | Common Stock | 5,500 | 11,000 | D |
Explanation of responses
- F1The vest date occurred on Sunday, December 4, 2016; therefore, the deemed vest date was Monday, December 5, 2016.
- F2The Reporting Person received shares of common stock of the Company upon the vesting and redemption of an equal number of RSUs. The Reporting Person received the shares at no cost. The market value of the shares of common stock was calculated in accordance with the Amended and Restated 2005 Tesco Corporation Incentive Plan at US$ 7.73.
- F3Under the terms of the Amended and Restated 2005 Tesco Corporation Incentive Plan, there is no conversion price. Each RSU represents a contingent right to receive one share of TESO common stock.
- F4The RSUs vest equally over three years on the anniversary of the grant date.