SEC Form 4 · accession 0000023197-18-000029
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, 2018
Accepted (ET)
Aug 2, 2018 · 4:42 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, 2018 | M | 23,297 | — | A | 80,441 | D | |
| Common Stock Par Value $.10 Per Share | Jul 31, 2018 | F | 10,862 | $33.60 | D | 69,579 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share UnitsF1,F2 | — | Jul 31, 2018 | M | 23,297 | D | — | — | Common stock par value $.10 per share | 23,297 | 0 | D |
Explanation of responses
- F1These transactions represent the net settlement of share units (see footnote #2) to withhold the Reporting Person's federal, state and local income taxes in connection with the conversion of share units previously awarded to the Reporting Person into shares of Comtech Telecommunications Corp.'s common stock. Share units are rights to convert solely into Comtech Telecommunications Corp. common stock on a one-for-one basis.
- F2The share units were issued last fiscal year 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 were fully vested upon grant and were automatically converted into Comtech Telecommunications Corp.'s common stock on the one-year anniversary of the grant date, which was July 31, 2018.