SEC Form 4 · accession 0001437749-16-033220
TOWERSTREAM CORP · TWER
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Philip Urso
Officer — Interim Chief ExecutiveOfficer · Director · Other
Period of report
May 31, 2016
Accepted (ET)
Jun 2, 2016 · 9:00 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001349437
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock OptionF1 | $0.19 | May 31, 2016 | A | 25,000 | A | May 31, 2016 | May 30, 2026 | Common Stock | 25,000 | 25,000 | D |
Explanation of responses
- F1These options were granted as part of the terms of Mr. Urso's compensation for his service as Interim Chief Executive Officer. The options are fully vested, ten-year options. Mr. Urso will receive 25,000 fully-vested, ten-year stock options on the last day of each month of his service as Interim Chief Executive Officer for an initial period of four (4) months, and 10,000 shares per month thereafter due on the last day of each month of service as Interim Chief Executive Officer thereafter, with all such options having an exercise price equal to the price of the Company's common stock at market close on the day of the grant.