SEC Form 4 · accession 0001179110-17-007142
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 10, 2017
Accepted (ET)
May 12, 2017 · 6:11 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,F4 | May 10, 2017 | M | 568 | — | A | 18,500 | D | |
| Common StockF6,F4 | May 10, 2017 | F | 229 | — | D | 18,271 | 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,F3,F2 | — | May 10, 2017 | M | 568 | D | — | — | Common Stock | 568 | 0 | D |
| Employee Stock OptionF5 | $14.75 | May 10, 2017 | A | 30,000 | A | — | May 10, 2023 | Common Stock | 30,000 | 30,000 | 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 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.
- F21 for 1.
- F3In 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. On May 10, 2017, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of the remaining 568 shares of Common Stock so earned.
- F4All shares are owned directly, except for 1,631 shares which are owned indirectly, through 401(k) plan. Includes 3,365 shares acquired pursuant to the TESSCO Team Member Stock Purchase Plan.
- F5The options will vest 25% after 1 year and then the remainder vests 1/36 each month for 3 years.
- F6$14.75 closing market price on May 10, 2017.