FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). |
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
TESSCO TECHNOLOGIES INC [ TESS ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 05/10/2019 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
Code | V | Amount | (A) or (D) | Price | ||||||
Common Stock | 05/10/2019 | M | 500 | A | (1) | 19,087 | D | |||
Common Stock | 05/10/2019 | M | 500 | A | (2) | 19,587 | D | |||
Common Stock | 05/10/2019 | M | 750 | A | (3) | 20,337 | D | |||
Common Stock | 05/10/2019 | F | 625 | D | (4) | 19,712 | D | |||
Common Stock | 05/10/2019 | A | 3,000 | A | (5) | 22,712 | D |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Restricted Share Unit | (6) | 05/10/2019 | M | 500 | (1) | (1) | Common Stock | 500 | (1) | 3,250(7)(8) | D | ||||
Restricted Share Unit | (6) | 05/10/2019 | M | 500 | (2) | (2) | Common Stock | 500 | (2) | 2,750(9)(10) | D | ||||
Restricted Share Unit | (6) | 05/10/2019 | M | 750 | (3) | (3) | Common Stock | 750 | (3) | 2,000(11) | D |
Explanation of Responses: |
1. A 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. |
2. A 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. |
3. A 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. |
4. $18.03 closing market price on May 10, 2019. |
5. Reflects 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, 2019 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, 2020, 2021, 2022 and 2023, 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 RSU awards made prior to 2018. |
6. 1 for 1. |
7. A 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. |
8. [Footnote No. 7 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. On May 10, 2019, 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. |
9. A 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. |
10. [Footnote No. 9 Continued] On May 10, 2019, 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. |
11. A 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 reporting person was associated with the Issuer on May 10, 2019, resulting in the vesting and issuance of another 750 shares of Common Stock covered by the RSU. The remaining 1,500 remain subject to issuance upon future vesting. |
Jay G. Baitler by Aric Spitulnik by Power of Attorney | 05/13/2019 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. |