Timothy Long - Sep 8, 2022 Form 4 Insider Report for GIGA TRONICS INC (GIGA)

Role
Chief Operating Officer
Signature
/s/ Timothy Long
Stock symbol
GIGA
Transactions as of
Sep 8, 2022
Transactions value $
$0
Form type
4
Date filed
9/12/2022, 04:26 PM

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GIGA Common Stock Award $0 +100K $0.00 100K Sep 8, 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 +200K 200K Sep 8, 2022 Common Stock 200K $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, 66,633 are fully vested and the remaining 33,317 restricted stock units shall vest in 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: 141,605 options are fully vested and the remaining 58,295 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.