SEC Form 4 · accession 0001144204-16-097600
Envela Corp · ELA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Nabil J. Lopez
Officer — Chief Financial Officer · Director
Period of report
Apr 27, 2016
Accepted (ET)
Apr 29, 2016 · 1:24 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000701719
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF4,F1,F2,F3 | — | Apr 27, 2016 | A | 50,000 | A | — | — | Common Stock | 50,000 | 51,500 | D |
Explanation of responses
- F1Each vested Restricted Stock Unit ("RSU") is convertible into one share of common stock, par value $0.01, of the Issuer (the "Common Stock") without additional consideration (other than such conversion and reduction in the number of RSUs held) pursuant to the terms of the Restricted Stock Unit Award Agreement, dated April 27, 2016, between the Issuer and the Reporting Person.
- F2The RSUs reported hereunder vest ratably in equal annual installments over a four-year period beginning on April 27, 2017, subject to the Reporting Person's continued status as an employee on each such date.
- F3Upon termination of service of the Reporting Person to the Issuer, other than by reason of death or disability, any RSUs that have not vested will be forfeited and the award of such units shall terminate.
- 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 with the Issuer. The value of the Consideration on the date of grant was $27,000. No additional consideration was received by the Issuer as payment for the RSUs.
Remarks
In addition to the RSU grant described above, the Compensation Committee granted an additional 50,000 performance-based restricted stock units to the Reporting Person that will vest ratably over a four-year period beginning April 27, 2017, the achievement of which is based on certain financial performance criteria.