SEC Form 4 · accession 0000899243-15-005171

TECUMSEH PRODUCTS CO · TECU

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Director

Period of report

Sep 21, 2015

Accepted (ET)

Sep 22, 2015 · 3:49 pm EDT

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0000096831

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Shares	Sep 21, 2015	U	11,718	$5.00	D	0	D

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	D/I
Restricted Stock Units^F1	—	Sep 21, 2015	D	10,736	D	—	—	Common Shares	10,736	D
Deferred Stock Units^F2	—	Sep 21, 2015	D	1,534	D	—	—	Common Shares	1,534	D
Deferred Stock Units^F2	—	Sep 21, 2015	D	7,255	D	—	—	Common Shares	7,255	D

F1Each restricted stock unit represented a contingent right to receive one of our common shares. The restricted stock units vest on April 27, 2016, immediately before the 2016 annual meeting of shareholders if held on that date and if the outside director is serving on that date. The restricted stock units were to be settled 75% in common shares and 25% in cash within 14 days after the vesting date. In connection with the Compnay's merger, restricted stock units were cancelled in exchange for payment of the merger consideration in cash.
F2Deferred stock units are the economic equivalent one common share (one share of Class A common stock before the Company's 2014 recapitalization). Each deferred stock unit is fully vested when made, except that a director will forfeit his or her Account if the director's service on the Board is terminated, voluntarily or involuntarily, for any "Reason" as defined in the Company's Outside Directors' Deferred Stock Unit Plan (generally breach of policies, failure to perform duties, conviction of various crimes, embezzlement or materially injuring the Company). The deferred stock units were originally to be paid out of the Director's Account in cash within 30 days after the earlier of a Company change in Control (as defined in the plan) or the date he or she ceases to be a non-employee director for any reason. In connection with the Company's merger, deferred stock units were cancelled in exchange for payment of the merger consideration in cash.