John Ratigan - Oct 28, 2024 Form 4 Insider Report for COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL)

Role
President and CEO, Director
Signature
/s/ Michael C. Shay, Attorney-in-Fact for John Ratigan
Stock symbol
CMTL
Transactions as of
Oct 28, 2024
Transactions value $
$0
Form type
4
Date filed
10/30/2024, 09:02 PM
Previous filing
Oct 2, 2024

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 +104K +75.84% $0.00 242K Oct 28, 2024 Common Stock Par Value $0.10 Per Share 104K Direct F1, F2
transaction CMTL Performance Shares Award $0 +100K $0.00 100K Oct 28, 2024 Common Stock Par Value $0.10 Per Share 100K 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 2023 Equity and 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 60 days of vesting.
F3 Performance shares were granted under the Company's 2023 Equity and 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 October 28, 2027, assuming continued service as an employee, as follows: (i) 25,000 of the performance shares will vest if the 60-day VWAP (as defined below) at any time prior to October 28, 2027 is at or above $8.00, (ii) an additional 25,000 performance shares will vest if the 60-day VWAP at any time prior to October 28, 2027 is at or above $10.00, (iii) an additional 25,000 performance shares will vest if the 60-day VWAP at any time prior to October 28, 2027 is at or above $12.00 and (iv) an additional 25,000 performance shares will vest if the 60-day VWAP at any time prior to October 28, 2027 is at or above $14.00. 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 60 days of vesting.