Ken A. Peterman - Sep 12, 2022 Form 4 Insider Report for COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL)

Role
President, CEO and Chairman, Director
Signature
Ken A Peterman
Stock symbol
CMTL
Transactions as of
Sep 12, 2022
Transactions value $
$0
Form type
4
Date filed
9/13/2022, 09:07 PM
Previous filing
May 13, 2022
Next filing
Jan 12, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CMTL Restricted Stock Units Award $0 +42.5K +1717.9% $0.00 45K Sep 12, 2022 Common Stock Par Value $.10 Per Share 42.5K Direct F1, F2
transaction CMTL Performance Shares Award $0 +200K $0.00 200K Sep 12, 2022 Common Stock Par Value $.10 Per Share 200K Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Restricted stock units were granted under the Company's 2000 Stock Incentive Plan, and represent the right to receive one share of common stock of Comtech Telecommunications Corp. upon vesting of the unit.
F2 Generally, the restricted stock units will vest in installments over a three year period, at a rate of one-third on the first through third anniversaries of the grant, assuming continued service as an employee. Shares of common stock corresponding to vested units will be delivered to the Reporting Person within 30 days of vesting.
F3 Performance shares were granted under the Company's 2000 Stock Incentive Plan, and represent the right to receive one share of common stock of Comtech Telecommunications Corp. upon vesting of the performance share.
F4 Generally, performance shares are eligible to vest on September 12, 2025, assuming continued service as an employee, as follows: (i) 50,000 of the performance shares will vest if the 60-day VWAP (as defined below) at any time prior to September 12, 2025 is at or above $30.00, (ii) an additional 50,000 performance shares will vest if the 60-day VWAP at any time prior to September 12, 2025 is at or above $40.00, (iii) an additional 50,000 performance shares will vest if the 60-day VWAP at any time prior to September 12, 2025 is at or above $50.00 and (iv) an additional 50,000 performance shares will vest if the 60-day VWAP at any time prior to September 12, 2025 is at or above $60.00. 60-day VWAP is generally defined as the volume-weighted average price per share of Comtech Telecommunications Corp. common stock over 60 consecutive trading days. Shares of common stock corresponding to vested performance shares will be delivered to the Reporting Person within 30 days of vesting.