4//SEC Filing
COMMUNICATIONS SYSTEMS INC 4
Accession 0001615594-15-000054
$SUNECIK 0000022701operating
Filed
Apr 6, 8:00 PM ET
Accepted
Apr 7, 9:05 PM ET
Size
13.8 KB
Accession
0001615594-15-000054
Insider Transaction Report
Form 4
GOLDBERG LUELLA G
Director
Transactions
- Award
Restricted Stock Units
2015-04-03+598→ 598 totalExercise: $0.00From: 2015-06-04Exp: 2021-06-04→ Common Stock (598 underlying) - Disposition to Issuer
Non-Qualified Stock Options
2015-04-03−2,056→ 27,756 totalExercise: $12.90From: 2015-05-31Exp: 2021-07-01→ Common Stock (2,056 underlying) - Disposition to Issuer
Non-Qualified Stock Options
2015-04-03−3,415→ 6,341 totalExercise: $11.70From: 2015-06-04Exp: 2021-06-04→ Common Stock (3,415 underlying) - Award
Restricted Stock Units
2015-04-03+387→ 387 totalExercise: $0.00From: 2015-05-31Exp: 2021-07-01→ Common Stock (387 underlying)
Footnotes (4)
- [F1]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 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/
- [F2]Each Restricted Stock Unit represents a contingent right to receive one share of Communications Systems, Inc. common stock.
- [F3]The Restricted Stock Units vest on May 31, 2015 as long s 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.
- [F4]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 restrictions and will be issued on June 4, 2016.
Documents
Issuer
COMMUNICATIONS SYSTEMS INC
CIK 0000022701
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0000022701
Filing Metadata
- Form type
- 4
- Filed
- Apr 6, 8:00 PM ET
- Accepted
- Apr 7, 9:05 PM ET
- Size
- 13.8 KB