SEC Form 4 · accession 0001225208-17-000282
TESCO CORP · TESO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Roy McNiven
Officer — Vice President, TCUS
Period of report
Dec 31, 2016
Accepted (ET)
Jan 4, 2017 · 2:56 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 | Dec 31, 2016 | A | 397 | $0.00 | A | 7,708 | D | |
| Common StockF2 | Jan 3, 2017 | S | 134 | $8.25 | D | 7,574 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1These shares were issued pursuant to the vesting of shares under a performance-based restricted stock unit award granted under the Amended and Restated 2005 Tesco Corporation Incentive Plan. The performance criteria achieved was based upon the Company's operating income percentage over one-year period.To 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 0.331 multiplier.
- F2The Reporting Person sold shares to cover tax obligations resulting from a PSU vesting.