ESCALADE INC — Director's Dealing 2020

Mar 10, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ESCALADE INC (ESCA)
CIK: 0000033488
Period of Report: 2020-03-08

Reporting Person: Griffin Patrick J (Director, Vice President, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-03-08	Common Stock	M	283	—	Acquired	521334.229	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-03-08	Restricted Stock Units	$	M	283	Disposed	2022-03-08	Common Stock (283)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1278465	Indirect

Footnotes

F1: Restricted Stock Units (RSUs) converted into common stock on a one-for-one basis.

F2: Each restricted stock unit (RSU) represents a right to receive one share of ESCA common stock pursuant to the Escalade, Incorporated 2017 Incentive Plan. Shares will be delivered to the reporting person upon vesting of the applicable RSUs, unless the reporting person defers receipt.

F3: On March 8, 2018, the reporting person was granted 1,700 RSUs, one sixth (283) of which vested and settled on March 8,2020 as reported in this Form 4. The remaining RSUs will vest one third on each of March 8, 2021 and March 8, 2022, provided that the reporting person (1) is still employed by Escalade on the applicable vesting date, and (2) Escalade has achieved certain performance conditions established by the Compensation Committee of the Escalade Board of Directors. If the performance tests have not been met as of the applicable vesting date, then only one half of the RSUs eligible to vest on such date will vest. The remaining one half will vest only if the performance tests are met prior to March 8, 2022, the expiration date of the RSUs. The performance tests were not met by March 8, 2020. Accordingly, only one half of the RSUs that could have vested on that date vested. The remaining one half will vest only if the performance tests are met prior to the RSU expiration date.

F4: Mr. Griffin disclaims beneficial ownership in shares held by the family limited partnership except to the extent of his pecuniary interest therein. All shares held by the family limited partnership are also deemed to be beneficially owned by Mr. Robert E. Griffin, his father, which shares are also included by Mr. Robert E. Griffin on his Section 16 reports.