SEC Form 4 · accession 0001685225-16-000002
TOROTEL INC · TTLO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Heath Hancock
Officer — Chief Financial Officer
Period of report
Sep 21, 2016
Accepted (ET)
Sep 29, 2016 · 9:43 am EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000098752
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Sep 21, 2016 | A | 160,000 | $0.00 | A | 160,000 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1These shares are restricted securities and subject to certain conditions under a Restricted Stock Agreement dated September 21, 2016. These shares are subject to a risk of forfeiture and cannot be sold, donated, transferred or in any manner encumbered except in accordance with the terms of such agreement. Based upon the Corporation attaining certain financial goals during the five-year period ending April 30, 2021, as outlined in the agreement, the Restricted Shares shall be released from the restrictions and risk of forfeiture on September 21, 2021.
- F2Shares granted pursuant to a Restricted Stock Agreement.