4//SEC Filing
TSS, Inc. 4
Accession 0001144204-14-002195
$TSSICIK 0001320760operating
Filed
Jan 13, 7:00 PM ET
Accepted
Jan 14, 4:37 PM ET
Size
8.6 KB
Accession
0001144204-14-002195
Insider Transaction Report
Form 4
TSS, Inc.TSSI
Olsen Martin T.
EVP, Sales and Marketing
Transactions
- Award
Employee Stock Option
2014-01-14+200,000→ 200,000 totalExp: 2024-01-14→ Common Stock (200,000 underlying) - Award
Common Stock, par value $0.0001 per share
2014-01-14+250,000→ 250,000 total
Footnotes (4)
- [F1]These shares of common stock represent restricted stock granted pursuant to an award agreement between Mr. Olsen and the Issuer and are subject to forfeiture. The restricted stock awarded will vest in installments as follows: (1) 25,000 shares become exercisable on February 14, 2014, (2) 125,000 shares will vest on the first anniversary of the grant date, and (3) 100,000 shares will vest on the second anniversary of the grant date. All unvested shares of restricted stock will vest upon a change in control of the Issuer and 150,000 shares of restricted stock will vest in certain instances upon the termination of Mr. Olsen's employment.
- [F2]These shares of restricted stock were granted to Mr. Olsen for his services as the Executive Vice President, Sales and Marketing of the Issuer.
- [F3]The exercise price is equal to the average of the high and low bid prices for the Issuer's common stock reported daily on the OTCQB marketplace during the 20 trading days following January 14, 2014.
- [F4]The option will become exercisable in installments as follows: 100,000 shares will vest when the fair market value of the Issuer's common stock is at least $2.00 for 20 consecutive business days, and 100,000 shares will vest when the fair market value of the Issuer's common stock is at least $3.00 for 20 consecutive business days. The option will become immediately exercisable upon the occurrence of a change in control of the Issuer.
Documents
Issuer
TSS, Inc.
CIK 0001320760
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0001320760
Filing Metadata
- Form type
- 4
- Filed
- Jan 13, 7:00 PM ET
- Accepted
- Jan 14, 4:37 PM ET
- Size
- 8.6 KB