JONATHAN R. READ - 08 Sep 2022 Form 4 Insider Report for GIGA TRONICS INC

Role
Chief Executive Officer, Director
Signature
/s/ Jonathan Read
Issuer symbol
N/A
Transactions as of
08 Sep 2022
Net transactions value
$0
Form type
4
Filing time
12 Sep 2022, 16:24:40 UTC
Previous filing
30 Jun 2022
Next filing
16 May 2024
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GIGA Common Stock Award $0 +149,925 $0.000000 149,925 08 Sep 2022 Direct F1, F2

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 GIGA Stock Options (Right to Buy) Award +299,851 299,851 08 Sep 2022 Common Stock 299,851 $2.93 Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents restricted stock units. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock. The grant was exempt from Section 16(b) under the Securities Exchange Act of 1934 by virtue of Rule 16b-3 promulgated thereunder as it was approved by the board of directors of the Issuer, which was comprised of three non-employee directors in accordance with Rule 16b-3(d).
F2 Of the restricted stock units, 99,951 are fully vested and the remaining 49,974 restricted stock units shall vest in four equal semi-annual installments with the first increment vesting on November 25, 2022 (with fractional numbers initially rounded up and then rounded down) through May 25, 2024, subject to continued service as an employee of the Company as of each applicable vesting date. Vested shares of common stock will be delivered to the Reporting Person upon the final vesting of the restricted stock units. The restricted stock units were issued under the Company's 2018 Equity Incentive Plan.
F3 The stock options were granted under the Company's 2018 Equity Incentive Plan and shall vest as follows: 212,401 options are fully vested, and the remaining 87,450 options shall vest in monthly increments over a period of 21 months beginning on September 25, 2022 through May 25, 2024, subject to continued employment by the Company or any of its subsidiaries on each applicable vesting date.
F4 Not applicable.