SEC Form 4 · accession 0001179110-18-006738
TESSCO TECHNOLOGIES INC · TESS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jay G Baitler
Director
Period of report
May 10, 2018
Accepted (ET)
May 14, 2018 · 4:49 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 | May 10, 2018 | M | 500 | — | A | 14,400 | D | |
| Common StockF2 | May 10, 2018 | M | 500 | — | A | 14,900 | D | |
| Common StockF3 | May 10, 2018 | M | 500 | — | A | 15,400 | D | |
| Common StockF4 | May 10, 2018 | M | 750 | — | A | 16,150 | D | |
| Common StockF13 | May 10, 2018 | F | 563 | — | D | 15,587 | D | |
| Common StockF12 | May 10, 2018 | A | 3,000 | — | A | 18,587 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Share UnitF1,F6,F7,F5 | — | May 10, 2018 | M | 500 | D | — | — | Common Stock | 500 | 5,500 | D |
| Restricted Share UnitF2,F8,F9,F5 | — | May 10, 2018 | M | 500 | D | — | — | Common Stock | 500 | 5,000 | D |
| Restricted Share UnitF3,F10,F5 | — | May 10, 2018 | M | 500 | D | — | — | Common Stock | 500 | 4,500 | D |
| Restricted Share UnitF4,F11,F5 | — | May 10, 2018 | M | 750 | D | — | — | Common Stock | 750 | 3,750 | D |
Explanation of responses
- F1A Restricted Share Unit, sometimes referred to as a Restricted Stock Unit or RSU, represents the conditional right to receive one share of Common Stock. RSUs granted in May 2014 resulted in the right to receive 2,000 shares of Common Stock. The RSUs vest and are paid through the issuance of shares of Common Stock in four approximately equal annual installments commencing on or about May 1, 2015, 2016, 2017 and 2018, subject to the reporting persons continued employment or association with the Issuer on the date such shares of Common Stock are to be issued.
- F10A Restricted Share Unit, sometimes referred to as a Restricted Stock Unit or RSU, represents the conditional right to receive one share of Common Stock. RSUs are subject to time vesting but not performance vesting. These RSUs granted in May 2016 vest and the underlying shares of Common Stock will be issued in equal annual installments of 500 shares commencing on or about May 1, 2017, 2018, 2019 and 2020, generally subject to the reporting persons continued association with the Issuer on the date such shares of Common Stock are to be issued. The reporting person was associated with the Issuer on May 10, 2017, resulting in the vesting and issuance of 500 of the 2,000 shares of Common Stock covered by the RSU. On May 10, 2018, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 500 shares of Common Stock covered by the RSU. The remaining 1,000 remain subject to issuance upon future vesting.
- F11A Restricted Share Unit, sometimes referred to as a Restricted Stock Unit or RSU, represents the conditional right to receive one share of Common Stock. RSUs are subject to time vesting but not performance vesting. These RSUs granted in May 2017 vest and the underlying shares of Common Stock will be issued in equal annual installments of 750 shares commencing on or about May 1, 2018, 2019, 2020 and 2021, generally subject to the reporting persons continued association with the Issuer on the date such shares of Common Stock are to be issued. The reporting person was associated with the Issuer on May 10, 2018, resulting in the vesting and issuance of 750 of the 3,000 shares of Common Stock covered by the RSU. The remaining 2,250 remain subject to issuance upon future vesting.
- F12Reflects Common Stock covered by Restricted Share Units, sometimes referred to as RSUs, representing the conditional right to receive one share of Common Stock. RSUs are subject to time vesting but not performance vesting. RSUs for 3,000 shares of Common Stock granted May 10, 2018 will vest and the underlying shares of Common Stock will be issued in equal annual installments of 750 shares commencing on or about May 1, 2019, 2020, 2021 and 2022, generally subject to the reporting persons continued association with the Issuer on the date such shares of Common Stock are to be issued. Reporting Person has elected to report the shares of Common Stock as an award in Table I instead of reporting the award of the RSUs in Table II, as was done in respect of prior RSU awards.
- F13$17.55 closing market price on May 9, 2018.
- F2A Restricted Share Unit, sometimes referred to as a Restricted Stock Unit or RSU, represents the conditional right to receive one share of Common Stock. RSUs granted in May 2015 resulted in the right to receive 2,000 shares of Common Stock. The RSUs vest and are paid through the issuance of shares of Common Stock in four approximately equal annual installments commencing on or about May 1, 2016, 2017, 2018 and 2019, subject to the reporting persons continued employment or association with the Issuer on the date such shares of Common Stock are to be issued.
- F3A Restricted Share Unit, sometimes referred to as a Restricted Stock Unit or RSU, represents the conditional right to receive one share of Common Stock. RSUs granted in May 2016 resulted in the right to receive 2,000 shares of Common Stock. The RSUs vest and are paid through the issuance of shares of Common Stock in four approximately equal annual installments commencing on or about May 1, 2017, 2018, 2019 and 2020, subject to the reporting persons continued employment or association with the Issuer on the date such shares of Common Stock are to be issued.
- F4A Restricted Share Unit, sometimes referred to as a Restricted Stock Unit or RSU, represents the conditional right to receive one share of Common Stock. RSUs granted in May 2017 resulted in the right to receive 3,000 shares of Common Stock. The RSUs vest and are paid through the issuance of shares of Common Stock in four approximately equal annual installments commencing on or about May 1, 2018, 2019, 2020 and 2021, subject to the reporting persons continued employment or association with the Issuer on the date such shares of Common Stock are to be issued.
- F51 for 1.
- F6A Restricted Share Unit, sometimes referred to as a Restricted Stock Unit or RSU, represents the conditional right to receive one share of Common Stock. RSUs are subject to time vesting but not performance vesting. These RSUs granted in May 2014 vest and the underlying shares of Common Stock will be issued in equal annual installments of 500 shares commencing on or about May 1, 2015, 2016, 2017 and 2018, generally subject to the reporting persons continued association with the Issuer on the date such shares of Common Stock are to be issued. The reporting person was associated with the Issuer on May 11, 2015, resulting in the vesting and issuance of 500 of the 2,000 shares of Common Stock covered by the RSU. On May 11, 2016, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 500 shares of Common Stock covered by the RSU.
- F7[Footnote No. 6 Continued] On May 10, 2017, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 500 shares of Common Stock covered by the RSU. On May 10, 2018, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of the remaining 500 shares of Common Stock covered by the RSU.
- F8A Restricted Share Unit, sometimes referred to as a Restricted Stock Unit or RSU, represents the conditional right to receive one share of Common Stock. RSUs are subject to time vesting but not performance vesting. These RSUs granted in May 2015 vest and the underlying shares of Common Stock will be issued in equal annual installments of 500 shares commencing on or about May 1, 2016, 2017, 2018 and 2019, generally subject to the reporting persons continued association with the Issuer on the date such shares of Common Stock are to be issued. The reporting person was associated with the Issuer on May 11, 2016, resulting in the vesting and issuance of 500 of the 2,000 shares of Common Stock covered by the RSU. On May 10, 2017, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 500 shares of Common Stock covered by the RSU.
- F9[Footnote No. 8 Continued] On May 10, 2018, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 500 shares of Common Stock covered by the RSU. The remaining 500 remain subject to issuance upon future vesting.