0001615594-15-000056.txt : 20150408 0001615594-15-000056.hdr.sgml : 20150408 20150408104004 ACCESSION NUMBER: 0001615594-15-000056 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20150403 FILED AS OF DATE: 20150408 DATE AS OF CHANGE: 20150408 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: COMMUNICATIONS SYSTEMS INC CENTRAL INDEX KEY: 0000022701 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 410957999 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 10900 RED CIRCLE DRIVE CITY: MINNETONKA STATE: MN ZIP: 55343 BUSINESS PHONE: 9529961674 MAIL ADDRESS: STREET 1: 10900 RED CIRCLE DRIVE CITY: MINNETONKA STATE: MN ZIP: 55343 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: SAMPSON RANDALL D CENTRAL INDEX KEY: 0001042527 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-31588 FILM NUMBER: 15758165 MAIL ADDRESS: STREET 1: 1100 CANTERBURY ROAD CITY: SHAKOPEE STATE: MN ZIP: 55379 4 1 primary_doc.xml PRIMARY DOCUMENT X0306 4 2015-04-03 0 0000022701 COMMUNICATIONS SYSTEMS INC JCS 0001042527 SAMPSON RANDALL D 1100 CANTERBURY ROAD SHAKOPEE MN 55379 1 0 0 0 Non-Qualified Stock Options 12.9 2015-04-03 4 D 0 3084 0 D 2015-05-31 2021-07-01 Common Stock 3084 27756 D Non-Qualified Stock Options 11.7 2015-04-03 4 D 0 3415 0 D 2015-06-04 2021-06-04 Common Stock 3415 6341 D Restricted Stock Units 0 2015-04-03 4 A 0 581 0 A 2015-05-31 2021-07-01 Common Stock 581 581 D Restricted Stock Units 0 2015-04-03 4 A 0 598 0 A 2015-06-04 2021-06-04 Common Stock 598 598 D Options and restricted stock units ("RSU") are issued to non-employee directors ("NEDs") under the Issuer's Executive Incentive Compensation Plan ("2011 Plan"). In March 2015, the CSI Board determined the number of shares covered by the 2014 option and RSU awards to CSI NEDs exceeded the 50000 share limit on allowable awards to all NEDs in a calendar year. To reduce the total number of shares to less than 50000 on 4/3/15, the Board, based on authority granted in the 2011 Plan, cancelled a total of 34551 options granted to NEDs in 2014 and issued additional RSUs covering 6282 shares to the NEDs, vesting on the same dates as the original RSUs granted. The dollar value of the new RSUs granted was equivalent to the value of the options cancelled. This cancellation of options and issuance of RSUs will have no material effect on the Company's financial statements. The cancellation of options and issuance of RSUs for Reporting Person are part of the CSI Board's 4/3/15 actions. Each Restricted Stock Unit represents a contingent right to receive one share of Communications Systems, Inc. common stock. The Restricted Stock Units vest on May 31, 2015 as long as director continues service to the Board prior to the vesting date. The Restricted Stock Units have an additional year of restriction and stock will be issued on July 1, 2016. The Restricted Stock Units vest on the earlier of the first anniversary of the date of grant or the 2015 annual Meeting of Shareholders as long as the director continues service to the Board prior to the vesting date. The Restricted Stock Units have an additional year of restriction and stock will be issued on June 4, 2016. Suzette McNally, Attorney-in-Fact for Randall D. Sampson 2015-04-08