SEC Form 4 · accession 0001179110-18-006746
TESSCO TECHNOLOGIES INC · TESS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Charles Kriete
Officer — Senior Vice President
Period of report
May 10, 2018
Accepted (ET)
May 14, 2018 · 4:54 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, 2018 | M | 938 | — | A | 2,067 | D | |
| Common StockF5,F4 | May 10, 2018 | F | 306 | — | D | 1,761 | 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, 2018 | A | 3,750 | A | — | — | Common Stock | 3,750 | 3,750 | D |
| Performance Share UnitF1,F3,F2 | — | May 10, 2018 | M | 938 | D | — | — | Common Stock | 938 | 2,812 | D |
| Employee Stock OptionF6 | $17.55 | May 10, 2018 | A | 10,000 | A | — | May 10, 2024 | Common Stock | 10,000 | 10,000 | 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 2017 resulted in the earning, with respect to the fiscal year ended March 2018 and based on the extent to which certain performance criteria were satisfied during fiscal year 2018, of the right to receive 3,750 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, 2018, 2019, 2020 and 2021, 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 2017 with respect to fiscal year 2018, on May 10, 2018, the reporting person earned the right to receive 3,750 shares of Common Stock. The reporting person was associated with the Issuer on May 10, 2018, resulting in the vesting and issuance of 938 of the 3,750 shares of Common Stock so earned. The remaining 2,812 shares have been earned, but are not yet vested.
- F4All shares are owned directly, except for 129 shares which are owned indirectly, through 401(k) plan.
- F5$17.55 closing market price on May 9, 2018.
- F6The options will vest 25% after 1 year and then the remainder vests 1/36 each month for 3 years