SEC Form 4 · accession 0001437749-15-011597
TOWERSTREAM CORP · TWER
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Philip Urso
Director · Other
Period of report
May 28, 2015
Accepted (ET)
Jun 1, 2015 · 9:00 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001349437
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, par value $0.001 per shareF1,F2 | May 28, 2015 | X | 2,553 | — | A | 1,361,443 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Qualified Stock OptionF1 | $1.80 | May 28, 2015 | X | 22,500 | D | Jun 1, 2010 | May 31, 2015 | Common Stock | 22,500 | 22,500 | D |
| Non-Qualified Stock OptionF3 | $2.07 | Jun 1, 2015 | A | 50,000 | A | — | May 31, 2025 | Common Stock | 50,000 | 50,000 | D |
Explanation of responses
- F1The Reporting Person held 22,500 options which were scheduled to expire on May 31, 2015. The Reporting Person elected to exercise the options on a cashless basis which means that 19,947 shares were retained by the Company as payment for the cost to exercise the options. The Reporting Person did not directly sell any shares of common stock. The Reporting Person continues to hold the 2,553 shares received.
- F2Excludes 103,886 shares of common stock held in trusts for the benefit of Mr.Urso's minor children, of which Mr. Urso is not a trustee. Mr. Urso disclaims beneficial ownership of the 103,886 shares held in trusts.
- F3Options granted under the registrant's 2008 Non-Employee Directors Compensation Plan. The options vest ratably over a one year period commencing on the grant date.