SEC Form 4 · accession 0001225208-17-000285

TESCO CORP · TESO

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Christopher L Boone

Officer — SVP, CFO

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
Common Stock^F1	Dec 31, 2016	A	6,500	$0.00	A	23,044	D
Common Stock^F2	Dec 31, 2016	A	1,655	$0.00	A	24,699	D
Common Stock^F3	Jan 1, 2017	M	2,534	$8.25	A	27,233	D
Common Stock^F4	Jan 3, 2017	S	548	$8.25	D	26,685	D
Common Stock^F5	Jan 3, 2017	S	837	$8.25	D	25,848	D
Common Stock^F4	Jan 3, 2017	S	2,144	$8.25	D	23,704	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 Unit^F6,F7	—	Jan 1, 2017	M	2,534	D	—	Jan 1, 2017	Common Stock	2,534	0	D

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 total shareholder return growth versus a defined group of 14 peer companies over a one-year period.To determine the number of PSUs available at vesting, the original numbers of shares granted were multiplied by a multiplier earned, from 0-1.5 (0-150 percent) PSU - TSR (Total Shareholder Return) was redeemed with a 1.3 multiplier.
F2These 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.
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 Amended and Restated 2005 Tesco Corporation Incentive Plan at US$ 8.2500.
F4The Reporting Person sold shares to cover tax obligations resulting from a PSU vesting.
F5The Reporting Person sold shares to cover tax obligations resulting from a RSU vesting.
F6Under 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.
F7The RSUs vest equally over three years on the anniversary of the grant date.