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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES 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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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 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 (Month/Day/Year) |
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) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Stock Option | $ 10.34 | 02/27/2019 | A | 105,200 | 02/27/2020(2) | 02/27/2029 | Common Stock | 105,200 | $ 10.34 | 105,200 | D | ||||
Restricted Stock Units | (3) | 02/27/2019 | A | 25,100 | (4) | (4) | Common Stock | 25,100 | $ 0 | 25,100 | D | ||||
Restricted Stock Units | (5) | 03/01/2019 | M | 2,350 | (5) | (5) | Common Stock | 2,350 | $ 0 (5) | 7,050 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
SHULDMAN BART C ONE HAMDEN CENTER 2319 WHITNEY AVENUE, SUITE 3B HAMDEN, CT 06518 |
X | Chairman and CEO |
Steve A. DeMartino, Attorney-in-fact | 03/01/2019 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | The acquisition of common stock represents the vesting of performance share awards (PSAs), net of relinquishments, awarded on May 22, 2017 pursuant to the Company's 2014 Equity Incentive Plan. Each PSA has a value equal to one share of TransAct common stock. The PSAs are earned on a variable basis dependent upon level of achievement against a long-term performance metric, which for 2017 was a two-year combined EBITDA target for 2017 and 2018, which ended on December 31, 2018. The performance criteria was satisfied at the 93.9% level, which resulted in a payout of 84.7% of the PSAs granted during 2017. Mr. Shuldman relinquished 4,300 shares of common stock of the 13,293 PSAs that converted to common stock on February 27, 2019 in order to pay required income and payroll taxes. |
(2) | Grant of the non-qualified stock option under the Company's 2014 Equity Incentive Plan. The option becomes exercisable 25% per year on each anniversary date of the grant. |
(3) | The Restricted Stock Units convert to common stock on a one-for-one basis. |
(4) | The Restricted Stock Units were issued pursuant to the Company's 2014 Equity Incentive Plan. The Restricted Stock Units vest 25% per year on each anniversary of the date of grant. |
(5) | Shares of the Restricted Stock Units issued on March 1, 2018 pursuant to the Company's 2014 Equity Incentive Plan, vesting 25% annually commencing on the first anniversary of the date of grant that have converted to common stock on a one-for-one basis. |
(6) | Mr. Shuldman relinquished 760 shares of common stock of the 2,350 restricted stock units that converted to common stock on March 1, 2019 in order to pay required income and payroll taxes. |