SEC FORM 4 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).
  
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Wynne Megan S.

(Last) (First) (Middle)
C/O TURTLE BEACH CORPORATION
15822 BERNARDO CENTER DRIVE, SUITE 105

(Street)
SAN DIEGO CA 92127

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Turtle Beach Corp [ TBCH ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
General Counsel
3. Date of Earliest Transaction (Month/Day/Year)
03/31/2025
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 04/01/2025 M 6,408 A (1) 52,877 D
Common Stock 04/01/2025 M 6,930 A (1) 59,807 D
Common Stock 04/01/2025 M 3,750 A (2) 63,557 D
Common Stock 04/01/2025 M 4,500 A (2) 68,057 D
Common Stock 04/01/2025 M 6,125 A (2) 74,182 D
Common Stock 04/01/2025 M 1,747 A (2) 75,929 D
Common Stock 04/01/2025 F(3) 14,988 D $14.63 60,941 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
Performance Stock Units (4) 03/31/2025 A 6,408 (5) (5) Common stock 6,408 $0 6,408 D
Performance Stock Units (4) 04/01/2025 M 6,408 (5) (5) Common stock 6,408 $0 0 D
Performance Stock Units (4) 03/31/2025 A 6,930 (6) (6) Common Stock 6,930 $0 6,930 D
Performance Stock Units (4) 04/01/2025 M 6,930 (6) (6) Common stock 6,930 $0 0 D
Restricted Stock Units (7) 04/01/2025 M 3,750 (8) (8) Common stock 3,750 $0 0 D
Restricted Stock Units (7) 04/01/2025 M 4,500 (9) (9) Common stock 4,500 $0 4,500 D
Restricted Stock Units (7) 04/01/2025 M 6,125 (10) (10) Common stock 6,125 $0 12,250 D
Restricted Stock Units (7) 04/01/2025 M 1,747 (11) (11) Common stock 1,747 $0 5,241 D
Restricted Stock Units (7) 04/01/2025 A 11,620 (12) (12) Common stock 11,620 $0 11,620 D
Stock Option (Right to Buy) $2.04 (13) 11/13/2027 Common stock 3,106 3,106 D
Stock Option (Right to Buy) $3.12 (13) 04/11/2028 Common stock 4,551 4,551 D
Stock Option (Right to Buy) $12.1 (13) 04/01/2029 Common stock 18,209 18,209 D
Stock Option (Right to Buy) $5.95 (13) 04/01/2030 Common stock 31,875 31,875 D
Explanation of Responses:
1. Performance stock units ("PSUs") were converted into common stock on a one-for-one basis.
2. Restricted stock units ("RSUs") were converted into common stock on a one-for-one basis.
3. Represents shares withheld to satisfy tax withholding obligations upon the vesting of PSUs and RSUs awarded to the reporting person.
4. These securities are PSUs representing a contingent right to receive one share of Turtle Beach Corporation common stock.
5. Acquired upon achievement of certain performance criteria pursuant to 34% of the PSUs granted April 1, 2022 under the Turtle Beach Corporation Stock Based 2023 Incentive Compensation Plan. The vesting of PSUs is determined over a three-year period based on (i) the amount by which revenue growth exceeds a defined baseline market growth each year and (ii) the achievement of specified tiers of adjusted EBITDA as a percentage of net revenue each year, with the ability to earn and vest into such units ranging from 0% to 200%. These PSUs vested with respect to the underlying shares of Turtle Beach Corporation common stock on April 1, 2024. Vested shares for this grant have been rounded down to the nearest whole share upon conversion into common stock on a one-for-one basis.
6. Acquired upon achievement of certain performance criteria pursuant to 33% of the performance stock units granted April 1, 2023 under the Turtle Beach Corporation Stock Based 2023 Incentive Compensation Plan. The vesting of performance stock units is determined over a three-year period based on (i) the amount by which revenue growth exceeds a defined baseline market growth each year and (ii) the achievement of specified tiers of adjusted EBITDA as a percentage of net revenue each year, with the ability to earn and vest into such units ranging from 0% to 200%. These PSUs vested with respect to the underlying shares of Turtle Beach Corporation common stock on April 1, 2024. Vested shares for this grant have been rounded down to the nearest whole share upon conversion into common stock on a one-for-one basis.
7. The securities are RSUs units representing a contingent right to receive one share of Turtle Beach Corporation common stock or, cash with a value equal to the fair market value of the underlying common stock or, a combination thereof.
8. These RSUs vested in full on April 1, 2025.
9. These RSUs vest in equal annual installments until April 1, 2026.
10. These RSUs vest in equal annual installments until April 1, 2027.
11. These RSUs vest in equal annual installments until April 1, 2028.
12. One-quarter of these RSUs will vest on April 1, 2026, with the remainder of the RSUs vesting in equal annual installments until April 1, 2029.
13. These options were exercisable as of the transaction date.
/s/ Megan S. Wynne 04/02/2025
** 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).
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