SEC Form 4 · accession 0001437749-15-010500
DSP GROUP INC /DE/ · DSPG
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
David Dahan
Officer — VP and COO
Period of report
May 14, 2015
Accepted (ET)
May 18, 2015 · 4:08 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000915778
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | May 14, 2015 | M | 29,499 | $6.16 | A | 44,969 | D | |
| Common StcokF1 | May 14, 2015 | D | 16,255 | $11.18 | D | 28,714 | D | |
| Common Stock | May 14, 2015 | S | 13,244 | $11.20 | D | 15,470 | D | |
| Common Stock | May 15, 2015 | M | 8,366 | $6.16 | A | 23,836 | D | |
| Common StockF2 | May 15, 2015 | D | 4,602 | $11.20 | D | 19,234 | D | |
| Common Stock | May 15, 2015 | S | 3,764 | $11.10 | D | 15,470 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Appreciation RightF3,F4 | $6.16 | May 14, 2015 | M | 29,499 | D | — | Feb 1, 2019 | Common Stock | 14,749 | 0 | D |
| Stock Appreciation RightF3,F4 | $6.16 | May 15, 2014 | M | 8,366 | D | — | Feb 1, 2019 | Common Stock | 4,183 | 0 | D |
Explanation of responses
- F1This represents the difference between the number of SARs exercised (29,499) and the number of shares issued as a result of the exercise (13,244). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date immediately prior to the date the SAR is exercised ($11.18) and the exercise price ($6.16).
- F2This represents the difference between the number of SARs exercised (8,366) and the number of shares issued as a result of the exercise (3,764). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date immediately prior to the date the SAR is exercised ($11.20) and the exercise price ($6.16).
- F3The Stock Appreciation Right vests 25% after 1 year and 6.25% each quarter thereafter.
- F4The Stock Appreciation Right grant is subject to a ceiling such that when the fair market value of the Company's common stock is equal to or greater than two times the base appreciation amount of the stock appreciation right, the portion of the stock appreciation rights that is vested on such date is automatically exercised on the next trading day and the appreciation amount is paid by the issuance of the respective number of shares of the Company's common stock. Therefore, the number of underlying shares of common stock that may be received upon exercise cannot exceed 1/2 of the number of stock appreciation rights granted.