TESCO CORP 4/A

Accession 0001225208-15-001067

CIK 0001022705operating

View on SEC.gov Company Profile

Filed

Jan 7, 7:00 PM ET

Accepted

Jan 8, 2:48 PM ET

Size

12.1 KB

Accession

0001225208-15-001067

Insider Transaction Report

Form 4/AAmended

Period: 2014-12-12

TESCO CORPTESO

Ferris Mihial Dean

SVP, Gen Counsel & Corp Sec

Transactions

Award
Performance Stock Units - EPS
2014-12-12+6,700→ 6,700 total
From: 2018-03-16Exp: 2018-03-16→ Common Stock (13,400 underlying)
Award
Performance Stock Units - ROCE
2014-12-12+6,700→ 6,700 total
From: 2018-03-16Exp: 2018-03-16→ Common Stock (13,400 underlying)
Award
Restricted Stock Unit
2014-12-12+8,100→ 8,100 total
Exp: 2017-12-12→ Common Stock (8,100 underlying)

Footnotes (7)

[F1]Each Performance Stock Unit (PSU) and Restricted Stock Unit (RSU) may be redeemed, at the Company's discretion, for shares of the Company's common stock or its cash equivalent.
[F2]All awards were granted (i) on December 12, 2014 to the reporting person as a portion of his compensation for serving as an officer or director of the Company; and (ii) pursuant to the terms of the Amended and Restated Tesco Corporation 2005 Incentive Plan, which is exempt under Rule 16b-3(d). The vesting of all awards is contigent upon the reporting person's continued employment or service as Director by the Company.
[F3]The number represents the PSUs granted. The PSU performance goals are based on the Company's Earnings per Share (EPS) based on a 3 year Target Matrix of Revenue and EPS. Each award has a three year performance period followed by an additional time based vesting period, ending March 16, 2018, during which time the multiplier will be calculated.
[F4]The Form 4, as originally filed, incorrectly reported the exercise and expiration dates. The Form 4, as amended by this Form 4/A, correctly reports such information. The performance period begins January 1, 2015 and ends December 31, 2017. To the extent earned, PSUs will be settled 100 percent in shares. The potential settlement date is March 16, 2018. The reporting person may receive a number of shares of the Company's common stock from 0 to 200 percent of the PSUs granted, depending on the performance level achieved.
[F5]This number represents the PSUs granted. The PSU performance goals are based on the Company's ROCE (EBIT/(Total Assets w/o Cash-Current Liabilities)) calculated as an average of the annual ROCE over 3 year performance period, with each annual ROCE calculated quarterly. Each award has a 3 year performance period followed by an additional time based vesting period, ending March 16, 2018 during which time the multiplier will be calculated.
[F6]This number represents the RSUs granted. These RSUs are subject to a three year vesting period. RSUs are calculated on a one-for-one share basis. Each RSU may be redeemed, at the Company's discretion, for one share of the company's common stock or its cash equivalent.
[F7]The Options and RSUs vest equally over three years beginning December 12, 2015.

Documents

1 file

4
doc4a.xml

Issuer

TESCO CORP

CIK 0001022705

→

Entity typeoperating

Related Parties

filerCIK 0001022705

Filing Metadata

Form type: 4/A
Filed: Jan 7, 7:00 PM ET
Accepted: Jan 8, 2:48 PM ET
Size: 12.1 KB

View on SEC.gov