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