SEC Form 4 · accession 0001140361-15-019219
TESSCO TECHNOLOGIES INC · TESS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Aric Spitulnik
Officer — CFO and Senior Vice President
Period of report
May 11, 2015
Accepted (ET)
May 12, 2015 · 7:36 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000927355
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F9 | May 11, 2015 | M | 1,750 | — | A | 15,918 | D | |
| Common StockF2,F9 | May 11, 2015 | M | 969 | — | A | 16,887 | D | |
| Common StockF3,F9 | May 11, 2015 | M | 568 | — | A | 17,455 | D | |
| Common StockF4,F9 | May 11, 2015 | F | 1,151 | — | D | 16,304 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance Share UnitF1,F6,F5 | — | May 11, 2015 | M | 1,750 | D | — | — | Common Stock | 1,750 | 3,641 | D |
| Performance Share UnitF2,F7,F5 | — | May 11, 2015 | M | 969 | D | — | — | Common Stock | 969 | 2,672 | D |
| Performance Share UnitF3,F8,F5 | — | May 11, 2015 | M | 568 | D | — | — | Common Stock | 568 | 2,104 | D |
Explanation of responses
- F1A Performance Share Unit, sometimes referred to as a Performance Stock Unit or PSU, represents the conditional right to receive one share of Common Stock. PSUs granted in April 2011 resulted in the earning, with respect to the fiscal year ended March 2012 and based on the extent to which certain performance criteria were satisfied during fiscal year 2012, of the right to receive 7,000 shares of Common Stock. Once earned, the PSUs vest and are paid through the issuance of shares of Common Stock in four approximately equal annual installments commencing on or about May 1, 2012, 2013, 2014 and 2015, subject to the reporting person's continued employment or association with the Issuer on the date such shares of Common Stock are to be issued.
- F2A Performance Share Unit, sometimes referred to as a Performance Stock Unit or PSU, represents the conditional right to receive one share of Common Stock. PSUs granted in April 2012 resulted in the earning, with respect to the fiscal year ended March 2013 and based on the extent to which certain performance criteria were satisfied during fiscal year 2013, of the right to receive 3,875 shares of Common Stock. Once earned, the PSUs vest and are paid through the issuance of shares of Common Stock in four approximately equal annual installments commencing on or about May 1, 2013, 2014, 2015 and 2016, subject to the reporting person's continued employment or association with the Issuer on the date such shares of Common Stock are to be issued.
- F3A Performance Share Unit, sometimes referred to as a Performance Stock Unit or PSU, represents the conditional right to receive one share of Common Stock. PSUs granted in April 2013 resulted in the earning, with respect to the fiscal year ended March 2014 and based on the extent to which certain performance criteria were satisfied during fiscal year 2014, of the right to receive 2,272 shares of Common Stock. Once earned, the PSUs vest and are paid through the issuance of shares of Common Stock in four approximately equal annual installments commencing on or about May 1, 2014, 2015, 2016 and 2017, subject to the reporting person's continued employment or association with the Issuer on the date such shares of Common Stock are to be issued.
- F4$24.15 -- closing market price on May 11, 2015.
- F51 for 1
- F6In respect of the PSUs granted in April 2011 with respect to fiscal year 2012, on May 3, 2012, the reporting person earned the right to receive 7,000 shares of Common Stock. The reporting person was associated with the Issuer on May 3, 2012, resulting in the vesting and issuance of 1,750 of the 7,000 shares of Common Stock so earned. On May 14, 2013, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 1,750 shares of Common Stock so earned. On May 8, 2014, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 1,750 shares of Common Stock so earned. On May 11, 2015, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of the remaining 1,750 shares of Common Stock so earned.
- F7In respect of the PSUs granted in April 2012 with respect to fiscal year 2013, on May 14, 2013, the reporting person earned the right to receive 3,875 shares of Common Stock. The reporting person was associated with the Issuer on May 14, 2013, resulting in the vesting and issuance of 969 of the 3,875 shares of Common Stock so earned. On May 8, 2014, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 969 shares of Common Stock so earned. On May 11, 2015, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 969 shares of Common Stock so earned. The remaining 968 shares have been earned, but are not yet vested.
- F8In respect of the PSUs granted in April 2013 with respect to fiscal year 2014, on May 8, 2014, the reporting person earned the right to receive 2,272 shares of Common Stock. The reporting person was associated with the Issuer on May 8, 2014, resulting in the vesting and issuance of 568 of the 2,272 shares of Common Stock so earned. On May 11, 2015, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 568 shares of Common Stock so earned. The remaining 1,136 shares have been earned, but are not yet vested.
- F9All shares are owned directly, except for 1,363 shares which are owned indirectly, through 401(k) plan. Includes 2,967 shares acquired pursuant to the TESSCO Team Member Stock Purchase Plan.