Cabell Lolmaugh - 06 Mar 2023 Form 4 Insider Report for TILE SHOP HOLDINGS, INC. (TTSH)

Signature
/s/ Cabell Lolmaugh
Issuer symbol
TTSH
Transactions as of
06 Mar 2023
Net transactions value
-$9,114
Form type
4
Filing time
08 Mar 2023, 18:27:44 UTC
Previous filing
06 Mar 2023
Next filing
16 Mar 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TTSH Common Stock Award $0 +18,520 +9.9% $0.000000 205,272 06 Mar 2023 Direct F1
transaction TTSH Common Stock Award $0 +37,039 +18% $0.000000 242,311 06 Mar 2023 Direct F2
transaction TTSH Common Stock Tax liability $9,114 -1,845 -0.76% $4.94 240,466 07 Mar 2023 Direct F3, F4, F5

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
holding TTSH Stock Option (Right to Buy) 26,900 06 Mar 2023 Common Stock 26,900 $8.50 Direct F6
holding TTSH Stock Option (Right to Buy) 56,000 06 Mar 2023 Common Stock 56,000 $5.55 Direct F6
holding TTSH Stock Option (Right to Buy) 97,067 06 Mar 2023 Common Stock 97,067 $6.26 Direct F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares of restricted stock for which the risks of forfeiture will lapse in three equal annual installments on each of 3/6/24, 3/6/25 and 3/6/26, subject to continuous employment as of the applicable vesting date.
F2 Represents shares of performance-based restricted stock for which the risks of forfeiture will lapse as to 30% of the shares on the date the Issuer files its annual report for the year ending December 31, 2023, 30% of the shares on the date the Issuer files its annual report for the year ending December 31, 2024, and 40% of the shares on the date the Issuer files its annual report for the year ending December 31, 2025, subject to (i) Mr. Lolmaugh remaining in continuous employment with the Issuer through December 31 of the year preceding the applicable vesting date and (ii) the Issuer achieving 15%, 20%, and 20% of adjusted pre-tax return on capital employed (as such results are reported in the Issuer's annual report for the applicable year) for each respective year.
F3 The reporting person has elected to satisfy his tax withholding obligation in connection with the vesting of a prior restricted stock grant by directing the Issuer to withhold shares otherwise issuable upon vesting of the previously reported grant.
F4 Includes (i) 56,988 shares of restricted stock for which the risks of forfeiture will lapse as to 28,494 shares on each of 3/16/23 and 3/16/24; (ii) 10,147 shares of restricted stock for which the risks of forfeiture will lapse as to 5,066 shares on 3/15/23 and 5,081 shares on 3/15/24; (iii) 10,274 shares of restricted stock for which the risks of forfeiture will lapse in equal annual installments on each of 3/7/24 and 3/7/25; (iv) 18,520 shares of restricted stock for which the risks of forfeiture will lapse in equal annual installments on each of 3/6/24, 3/6/25 and 3/6/26; and
F5 (v) the following shares of performance-based restricted stock, which are, in each case, subject to Mr. Lolmaugh remaining in continuous employment with the Issuer through December 31 of the year preceding the applicable vesting date and the Issuer achieving its performance target for each respective year: (A) 12,171 shares for which the risks of forfeiture will lapse on the date the Issuer files its annual report for the 2023 fiscal year; (B) 21,576 shares for which the risks of forfeiture will lapse as to 30% and 40% of the initial number of shares granted on each of the dates the Issuer files its annual report for the 2023 and 2024 fiscal years, respectively; and (C) 37,039 shares for which the risks of forfeiture will lapse as to 30%, 30% and 40% on each of the dates the Issuer files its annual report for the 2023, 2024 and 2025 fiscal years, respectively. The Issuer's proxy statement contains additional information regarding the applicable performance targets.
F6 Fully exercisable.