SEC Form 4 · accession 0001140361-15-002741

ELECSYS CORP · ESYS

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Michael Morgan

Officer — COO

Period of report

Jan 22, 2015

Accepted (ET)

Jan 26, 2015 · 4:58 pm EST

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0000914398

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Stock^F1	Jan 22, 2015	D	114,728	—	D	0	D

Table II — derivative securities

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	D/I
Employee Stock Option (Right to Buy)^F2	$3.66	Jan 22, 2015	D	10,000	D	—	May 18, 2016	Common Stock	10,000	D
Employee Stock Option (Right to Buy)^F3	$5.11	Jan 22, 2015	D	10,000	D	—	Jun 2, 2021	Common Stock	10,000	D
Employee Stock Option (Right to Buy)^F4	$5.86	Jan 22, 2015	D	10,000	D	—	May 31, 2023	Common Stock	10,000	D
Employee Stock Option (Right to Buy)^F5	$12.44	Jan 22, 2015	D	5,000	D	—	May 23, 2024	Common Stock	5,000	D

Explanation of responses

F1Disposed of pursuant to merger agreement among Elecsys Corporation, Lindsay Corporation and Matterhorn Merger Sub, Inc. in exchange for the right to receive $17.50 per share on the effective date of the merger.
F2This option, which provided for vesting in three equal annual installments beginning May 18, 2007, was cancelled in the merger in exchange for a cash payment of $138,400 representing the difference between the exercise price of the option and $17.50 per share, which will be reduced by any income or employment tax required to be withheld with respect to such payment.
F3This option, which provided for vesting in three equal annual installments beginning June 2, 2012, was cancelled in the merger in exchange for a cash payment of $123,900, representing the difference between the exercise price of the option and $17.50 per share, which will be reduced by any income or employment tax required to be withheld with respect to such payment.
F4This option, which provided for vesting in three equal annual installments beginning May 31, 2014, was cancelled in the merger in exchange for a cash payment of $116,400, representing the difference between the exercise price of the option and $17.50 per share, which will be reduced by any income or employment tax required to be withheld with respect to such payment.
F5This option, which provided for vesting in three equal annual installments beginning June 23, 2015, was cancelled in the merger in exchange for a cash payment of $25,300, representing the difference between the exercise price of the option and $17.50 per share, which will be reduced by any income or employment tax required to be withheld with respect to such payment.