TOROTEL INC 4
4 · TOROTEL INC · Filed Oct 3, 2016
Insider Transaction Report
Form 4
TOROTEL INCTTLO
SERRONE H JAMES
DirectorCFO
Transactions
- Award
Common Stock
2016-09-21+150,000→ 196,916 total
Footnotes (1)
- [F1]These shares are restricted securities and subject to certain conditions under a Restricted Stock Agreement dated September 21, 2016. These shares, which were granted pursuant to a Restricted Stock Agreement, are subject to a risk of forfeiture and cannot be sold, donated, transferred or in any manner encumbered except in accordance with the terms of such agreement. Based upon the Corporation attaining certain financial goals during the five-year period ending April 30, 2021, as outlined in the agreement, the Restricted Shares shall be released from the restrictions on transfer and risk of forfeiture on September 21, 2021.