SEC Form 4 · accession 0001179110-16-024604
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, 2016
Accepted (ET)
May 13, 2016 · 4:51 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,F7 | May 11, 2016 | M | 968 | — | A | 17,535 | D | |
| Common StockF2,F7 | May 11, 2016 | M | 568 | — | A | 18,103 | D | |
| Common StockF3,F7 | May 11, 2016 | F | 574 | — | D | 17,529 | 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,F5,F8,F4 | — | May 11, 2016 | M | 968 | D | — | — | Common Stock | 968 | 21,136 | D |
| Performance Share UnitF2,F6,F8,F4 | — | May 11, 2016 | M | 568 | D | — | — | Common Stock | 568 | 20,568 | 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 May 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.
- 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 May 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.
- F3$15.47 -- closing market price on May 11, 2016.
- F41 for 1.
- F5In respect of the PSUs granted in May 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. On May 11, 2016, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of the remaining 968 shares of Common Stock so earned.
- F6In respect of the PSUs granted in May 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. On May 11, 2016, 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 568 shares have been earned, but are not yet vested.
- F7All shares are owned directly, except for 1,470 shares which are owned indirectly, through 401(k) plan. Includes 3,123 shares acquired pursuant to the TESSCO Team Member Stock Purchase Plan.
- F8Includes Employee Stock Options to purchase up to 20,000 shares on Common Stock granted on July 21, 2015 that vest 25% after 1 year and then the remainder vests 1/36 each month for 3 years