SEC Form 4 · accession 0000023197-17-000031
COMTECH TELECOMMUNICATIONS CORP /DE/ · CMTL
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael Porcelain
Officer — Sr. Vice President & CFO
Period of report
Jul 31, 2017
Accepted (ET)
Aug 2, 2017 · 7:17 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000023197
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common stock par value $.10 per shareF1 | Jul 31, 2017 | M | 869 | — | A | 85,533 | D | |
| Common stock par value $.10 per share | Jul 31, 2017 | F | 869 | $18.00 | D | 84,664 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share UnitF2 | — | Jul 31, 2017 | A | 24,166 | A | — | — | Common stock par value $.10 per share | 24,166 | 24,166 | D |
| Share UnitF1,F2 | — | Jul 31, 2017 | M | 869 | D | — | — | Common stock par value $.10 per share | 869 | 23,297 | D |
Explanation of responses
- F1These transactions represent the net settlement of share units (see footnote #2) to withhold the reporting person's Federal Insurance Contributions Act ("FICA") tax and certain federal and state income taxes.
- F2Share units are rights to convert solely into Comtech Telecommunications Corp. common stock on a one-for-one basis. The share units were issued in lieu of cash settlements based on the achievement of pre-established non-equity incentive goals for the fiscal year ending July 31, 2017, pursuant to the 2000 Stock Incentive Plan. These share units are fully vested, are subject to certain transfer restrictions, cannot be assigned, and will be converted into Comtech Telecommunications Corp. common stock following the one-year anniversary of the grant date which will occur on July 31, 2018.