Foskett Robert W 4
4 · WESTELL TECHNOLOGIES INC · Filed Jun 2, 2011
Insider Transaction Report
Form 4
Foskett Robert W
Director
Transactions
- Conversion
Class B Common Stock
2011-05-31−82,209→ 482,626 total(indirect: By Trust) - Conversion
Class A Common Stock
2011-05-31+82,209→ 82,209 total(indirect: By Trust) - Disposition to Issuer
Class A Common Stock
2011-05-31$3.43/sh−82,209$281,689→ 0 total(indirect: By Trust)
Holdings
- 40,000
Class A Common Stock
Footnotes (3)
- [F1]Holders of Class B Common Stock have four votes per share and holders of Class A Common Stock have one vote per share. Class B Common Stock is transferable only to certain transferees and is convertible into Class A Common Stock on a one-for-one basis.
- [F2]On May 31, 2011, as part of its authorized share repurchase program,Westell Technologies, Inc. (the "Company") purchased the shares of Class A Common Stock reported above;all of these shares were converted into Class A Common Stock from Class B Common Stock on a one-for-one basis immediately prior to sale. The price paid by the Company represented the volume weighted average price of the Company's Class A Common Stock for the three daily trading sessions on May 23, 24 and 25, 2011, as reported on the NASDAQ Global Select Market.
- [F3]The shares are held pursuant to a Voting Trust Agreement dated February 23, 1994, as amended, (the "Voting Trust") among Robert C. Penny III and Robert W. Foskett, as co-trustees, and certain members of the Penny family. After the transactions reported above, the Voting Trust contains 482,626 shares of Class B Common Stock held for the benefit of Mr. Foskett.