SEC Form 4 · accession 0001571049-16-013022
OTELCO INC. · OTEL
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Curtis Lee Garner Jr.
Officer — Chief Financial Officer · Director
Period of report
Mar 10, 2016
Accepted (ET)
Mar 14, 2016 · 6:23 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001288359
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Class A Common StockF1 | Mar 14, 2016 | M | 10,750 | — | A | 17,983 | D | |
| Class A Common Stock | Mar 14, 2016 | F | 4,053 | $5.10 | D | 13,930 | D | |
| Class A Common StockF2 | holding | — | — | — | 164 | I | As UGMA custodian for granddaughter | |
| Class A Common StockF2 | holding | — | — | — | 164 | I | As UGMA custodian for granddaughter |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F3 | — | Mar 10, 2016 | A | 19,194 | A | — | — | Class A Common Stock | 19,194 | 19,194 | D |
| Restricted Stock UnitsF1,F3 | — | Mar 14, 2016 | M | 6,398 | D | — | — | Class A Common Stock | 6,398 | 12,796 | D |
| Restricted Stock UnitsF1,F4 | — | Mar 14, 2016 | M | 4,352 | D | — | — | Class A Common Stock | 4,352 | 4,353 | D |
Explanation of responses
- F1Each restricted stock unit ("RSU") represents a right to receive one share of Otelco Inc. Class A Common Stock.
- F2These securities are held by Uniform Gifts to Minors Act accounts for the benefit of the reporting person's granddaughters. The reporting person is custodian of such accounts. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of these securities for Section 16 or for any other purpose.
- F3The RSUs vest in three installments: 6,398 RSUs vested on March 14, 2016; 6,398 RSUs vest on March 13, 2017; and 6,398 RSUs vest on March 13, 2018.
- F4The RSUs vest in three installments: 4,352 RSUs vested on March 13, 2015; 4,352 RSUs vested on March 14, 2016; and 4,353 RSUs vest on March 13, 2017.