SEC Form 4 · accession 0001144204-15-036689
Envela Corp · ELA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
David Rector
Director
Period of report
Jun 11, 2015
Accepted (ET)
Jun 11, 2015 · 3:06 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000701719
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F4 | Jun 11, 2015 | M | 14,200 | — | A | 28,350 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF4,F1,F2,F3 | — | Jun 11, 2015 | M | 14,200 | D | Jun 9, 2015 | — | Common Stock | 14,200 | 0 | D |
Explanation of responses
- F1Each Restricted Stock Unit ("RSU") was convertible into one share of common stock, par value $0.01, of the Issuer (the "Common Stock") without additional payment pursuant to the terms of the Restricted Stock Unit Award Agreement, dated September 17, 2014, between the Issuer and the Reporting Person (the "RSU Award Agreement").
- F2The RSUs reported hereunder were to vest as to 100 percent of the RSUs on the earlier of: (i) the one year anniversary of the grant date, or (ii) the day prior to the next Annual Meeting of the Stockholders of DGSE Companies, Inc., subject to the Reporting Person's continued status as a Director through such dates. DGSE Companies, Inc, held its Annual Meeting of Stockholders on June 10, 2015, triggering a vesting date of June 9, 2015 for the RSUs reported hereunder.
- F3Upon termination of service of the Reporting Person to the Issuer, other than by reason of death or disability, any Restricted Stock Units that have not vested will be forfeited and the award of such units shall terminate. All RSUs reported hereunder have now vested, and are no longer subject to expiration.
- F4The Issuer elected to award the RSUs as consideration for services rendered to the Issuer (the "Consideration") and to encourage the continuation of such services in connection with the Reporting Person's services to the Issuer. The value of the Consideration on the date of grant was $20,022. The value of the Consideration as of vesting and issuance was $4,544. No additional consideration was received by the Issuer as payment for the RSUs.