Hlavka Kristin Form 4 COMMUNICATIONS SYSTEMS / Kristin Hlavka ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Hlavka Kristin

(Last) (First) (Middle)

10900 RED CIRCLE DRIVE

(Street)

MINNETONKA MN 55343

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COMMUNICATIONS SYSTEMS INC [ JCS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Controller

3. Date of Earliest Transaction (Month/Day/Year)
08/02/2021

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/02/2021		M		7,469	A	$6.85	22,131	D
Common Stock	08/02/2021		F		7,295	D	$7.15	14,836	D
Common Stock	08/02/2021		M		2,000	A	$4.55	16,836	D
Common Stock	08/02/2021		F		1,596	D	$7.15	15,240	D
Common Stock	08/02/2021		M		4,785	A	$4.4	20,025	D
Common Stock	08/02/2021		M		3,764	D	$7.15	16,261	D
Common Stock	08/02/2021		M		7,393	A	$3.61	23,654	D
Common Stock	08/02/2021		F		5,363	D	$7.15	18,291	D
Common Stock	08/02/2021		M		3,943	A	$2.64	19,670	D
Common Stock	08/02/2021		F		2,564	D	$7.15	19,670	D
Common Stock	08/02/2021		M		5,759	A	$5.39	25,429	D
Common Stock	08/02/2021		F		4,973	D	$7.15	20,456	D
Common Stock	08/02/2021		M		2,407	A	$7.15	22,863	D
Common Stock	08/02/2021		F		736	D	$7.15	22,127	D
Common Stock	08/02/2021		M		2,603	A	$7.15	24,730	D
Common Stock	08/02/2021		F		795	D	$7.15	23,935	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right-to-Buy)	$11.65	08/02/2021		J			4,779	(1)	03/17/2022	Common Stock	4,779	$0	0	D
Stock Option (Right-to-Buy)	$6.85	08/02/2021		M			7,469	08/01/2021	03/15/2023	Common Stock	7,469	$0	0	D
Stock Option (Right-to-Buy)	$4.55	08/02/2021		M			2,000	08/01/2021	02/24/2024	Common Stock	2,000	$0	0	D
Stock Option (Right-to-Buy)	$4.4	08/02/2021		M			4,785	08/01/2021	03/31/2024	Common Stock	4,785	$0	0	D
Stock Option (Right-to-Buy)	$3.61	08/02/2021		M			7,393	08/01/2021	03/09/2025	Common Stock	7,393	$0	0	D
Stock Option (Right-to-Buy)	$2.64	08/02/2021		M			3,943	08/01/2021	03/28/2026	Common Stock	3,943	$0	0	D
Stock Option (Right-to-Buy)	$5.39	08/02/2021		M			5,759	08/01/2021	05/06/2027	Common Stock	5,759	$0	0	D
Restricted Stock Units	$7.15	08/02/2021		M			2,407	08/01/2021	03/28/2026	Common Stock	2,407	$0	0	D
Restricted Stock Units	$7.15	08/02/2021		M			2,603	08/01/2021	05/06/2027	Common Stock	2,603	$0	0	D

Explanation of Responses:

1. as provided under the 2011 Plan and in accordance with the determinations of the Compensation Committee, all stock options outstanding on August 2, 2021 having an exercise price equal to or greater than the Fair Market Value on the August 2, 2021 closing date of the E&S Sale Transaction were terminated and cancelled as of the closing date without any payment therefor

	Suzette McNally, Attorney-in-Fact for Kristin Hlavka	08/04/2021
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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