SEC Form 4 · accession 0001225208-17-017400
TESCO CORP · TESO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John Terrell Gatlin
Officer — SVP, COO
Period of report
Nov 14, 2017
Accepted (ET)
Nov 16, 2017 · 4:15 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 | Nov 14, 2017 | M | 10,000 | $3.975 | A | 10,000 | D | |
| Common StockF2,F3 | Nov 15, 2017 | S | 2,928 | $3.75 | D | 7,072 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitF4,F5 | — | Nov 14, 2017 | M | 10,000 | D | Nov 14, 2017 | Nov 14, 2019 | Common Stock | 10,000 | 20,000 | D |
Explanation of responses
- F1The Reporting Person received shares of common stock of the Company upon the vesting and redemption of an equal number of RSUs. The Reporting Person received the shares at no cost. The market value of the shares of common stock was calculated in accordance with the Amended and Restated 2005 Tesco Corporation Incentive Plan at US$ 3.975
- F2The Reporting Person sold shares to cover tax obligations resulting from a RSU vesting.
- F3The shares were sold at the price of US$ 3.75 per share.
- F4Under 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.
- F5The Restricted Stock Units (RSUs) vest equally over three years beginning on the anniversary of the grant date.