Form 4 COMMUNICATIONS SYSTEMS For: Aug 02 Filed by: Lacey Roger HD

August 4, 2021 9:46 PM EDT

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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 *
Lacey Roger HD

(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)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chairman/Interim CEO
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   41,250 A $ 6.85 141,995.579 D  
Common Stock 08/02/2021   F   40,444 D $ 7.15 101,551.579 D  
Common Stock 08/02/2021   M   56,250 A $ 4.40 157,801.579 D  
Common Stock 08/02/2021   F   46,176 D $ 7.15 111,625.579 D  
Common Stock 08/02/2021   M   61,875 A $ 3.61 173,500.579 D  
Common Stock 08/02/2021   F   47,610 D $ 7.15 125,890.579 D  
Common Stock 08/02/2021   M   50,000 A $ 2.55 175,890.579 D  
Common Stock 08/02/2021   F   35,006 D $ 7.15 140,884.579 D  
Common Stock 08/02/2021   M   7,500 A $ 2.64 148,384.579 D  
Common Stock 08/02/2021   F   5,297 D $ 7.15 143,087.579 D  
Common Stock 08/02/2021   M   35,095 A $ 5.39 178,182.579 D  
Common Stock 08/02/2021   F   31,072 D $ 7.15 147,110.579 D  
Common Stock 08/02/2021   M   4,579 A $ 7.15 151,689.579 D  
Common Stock 08/02/2021   F   1,941 D $ 7.15 149,748.579 D  
Common Stock 08/02/2021   M   15,865 A $ 7.15 165,613.579 D  
Common Stock 08/02/2021   F   6,723 D $ 7.15 158,890.579 D  
Common Stock               9,630.174 I By ESOP
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     22,655   (1) 03/17/2022 Common Stock 22,655 $ 0 0 D  
Stock Option (Right-to-Buy) $ 11.09 08/02/2021   J     6,100   (1) 04/03/2022 Common Stock 6,100 $ 0 0 D  
Stock Option (Right-to-Buy) $ 11.09 08/02/2021   J     18,850   (1) 04/03/2022 Common Stock 18,850 $ 0 0 D  
Stock Option (Right-to-Buy) $ 11.05 08/02/2021   J     25,050   (1) 05/21/2022 Common Stock 25,050 $ 0 0 D  
Stock Option (Right-to-Buy) $ 7.34 08/02/2021   M     16,667 08/01/2021 01/25/2023 Common Stock 16,667 $ 0 0 D  
Stock Option (Right-to-Buy) $ 6.85 08/02/2021   M     41,250 08/01/2021 03/15/2023 Common Stock 41.25 $ 0 0 D  
Stock Option (Right-to-Buy) $ 4.40 08/02/2021   M     15,456 08/01/2021 03/31/2024 Common Stock 15,456 $ 0 0 D  
Stock Option (Right-to-Buy) $ 4.40 08/02/2021   M     40,794 08/01/2021 03/31/2024 Common Stock 40,794 $ 0 0 D  
Stock Option (Right-to-Buy) $ 3.61 08/02/2021   M     61,875 08/01/2021 03/09/2025 Common Stock 61,875 $ 0 0 D  
Restricted Stock Units $ 7.15 08/02/2021   M     4,579 08/01/2021 03/28/2026 Common Stock 4,579 $ 0 0 D  
Restricted Stock Units $ 7.15 08/02/2021   M     15,865 08/01/2021 05/06/2027 Common Stock 15,865 $ 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 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 Roger H.D. Lacey 08/04/2021
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.


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