Sec Form 4 Filing - Kriete Charles @ TESSCO TECHNOLOGIES INC - 2019-05-10

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Kriete Charles
2. Issuer Name and Ticker or Trading Symbol
TESSCO TECHNOLOGIES INC [ TESS]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
Senior Vice President
(Last) (First) (Middle)
11126 MCCORMICK ROAD
3. Date of Earliest Transaction (MM/DD/YY)
05/10/2019
(Street)
HUNT VALLEY, MD21031
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/10/2019 M 938 A 2,927 D ( 7 )
Common Stock 05/10/2019 M 781 A 3,708 D ( 7 )
Common Stock 05/10/2019 F 560 D 3,148 D ( 7 )
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Da te Exercisable Expiration Date Title Amount or Number of Shares
Performance Share Unit ( 4 ) 05/10/2019 M 938 ( 1 ) ( 1 ) Common Stock 938 ( 1 ) 1,874 ( 5 ) D
Performance Share Unit ( 4 ) 05/10/2019 A 3,125 ( 2 ) ( 2 ) Common Stock 3,125 ( 2 ) 4,999 ( 6 ) D
Performance Share Unit ( 4 ) 05/10/2019 M 781 ( 2 ) ( 2 ) Common Stock 781 ( 2 ) 4,218 ( 6 ) D
Employee Stock Option $ 18.03 05/10/2019 A 27,000 ( 8 ) 05/10/2025 Common Stock 27,000 $ 0 27,000 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Kriete Charles
11126 MCCORMICK ROAD
HUNT VALLEY, MD21031
Senior Vice President
Signatures
Charles Kriete by Aric Spitulnik by Power of Attorney 05/13/2019
Signature of Reporting Person Date
Explanation of Responses:
( 1 )A Performance Share Unit, sometimes referred to as a Performance Stock Unit or PSU, represents the conditional right to receive one share of Common Stock. PSUs granted in May 2017 resulted in the earning, with respect to the fiscal year ended March 2018 and based on the extent to which certain performance criteria were satisfied during fiscal year 2018, of the right to receive 3,750 shares of Common Stock. Once earned, the PSUs vest and are paid through the issuance of shares of Common Stock in four approximately equal annual installments commencing on or about May 1, 2018, 2019, 2020 and 2021, subject to the reporting person's continued employment or association with the Issuer on the date such shares of Common Stock are to be issued.
( 2 )A Performance Share Unit, sometimes referred to as a Performance Stock Unit or PSU, represents the conditional right to receive one share of Common Stock. PSUs granted in May 2018 resulted in the earning, with respect to the fiscal year ended March 2019 and based on the extent to which certain performance criteria were satisfied during fiscal year 2019, of the right to receive 3,125 shares of Common Stock. Once earned, the PSUs vest and are paid through the issuance of shares of Common Stock in four approximately equal annual installments commencing on or about May 1, 2019, 2020, 2021 and 2022, subject to the reporting person's continued employment or association with the Issuer on the date such shares of Common Stock are to be issued.
( 3 )$18.03 closing market price on May 10, 2019.
( 4 )1 for 1.
( 5 )In respect of the PSUs granted in May 2017 with respect to fiscal year 2018, on May 10, 2018, the reporting person earned the right to receive 3,750 shares of Common Stock. The reporting person was associated with the Issuer on May 10, 2018, resulting in the vesting and issuance of 938 of the 3,750 shares of Common Stock so earned. On May 10, 2019, the reporting person continued to be associated with the Issuer, resulting in the vesting and issuance of another 938 shares of Common Stock so earned. The remaining 1,874 shares have been earned, but are not yet vested.
( 6 )In respect of the PSUs granted in May 2018 with respect to fiscal year 2019, on May 10, 2019, the reporting person earned the right to receive 3,125 shares of Common Stock. The reporting person was associated with the Issuer on May 10, 2019, resulting in the vesting and issuance of 781 of the 3,125 shares of Common Stock so earned. The remaining 2,344 shares have been earned, but are not yet vested.
( 7 )All shares are owned directly, except for 357 shares which are owned indirectly, through 401(k) plan.
( 8 )The options will vest 25% after 1 year and then the remainder vests 1/36 each month for 3 years.

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