Towerstream Corporation
TOWERSTREAM CORP (Form: 4, Received: 04/18/2012 21:03:24)
FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response...
0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Urso Philip
2. Issuer Name and Ticker or Trading Symbol

TOWERSTREAM CORP [ TWER ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

C/O TOWERSTREAM CORPORATION, 55 HAMMARLUND WAY
3. Date of Earliest Transaction (MM/DD/YYYY)

4/16/2012
(Street)

MIDDLETOWN, RI 02842
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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, par value $0.001 per share   4/16/2012     S (1)    1500   D $4.34   195886   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    700   D $4.343   195186   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    700   D $4.345   194486   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    900   D $4.349   193586   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    470   D $4.35   193116   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    30   D $4.36   193086   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    4800   D $4.38   188286   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    800   D $4.381   187486   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    800   D $4.383   186686   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    1000   D $4.385   185686   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    500   D $4.388   185186   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    3200   D $4.39   181986   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    400   D $4.395   181586   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share   4/16/2012     S (1)    1200   D $4.40   180386   I   As trustee for trusts   (2)
Common Stock, par value $0.001 per share                  1320930   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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

Explanation of Responses:
( 1)  The sales reported in this Form 4 were effected pursuant to Rule 10b5-1 automatic trading plans adopted by two trusts, Happy Bear Trust and Terrapin Trust, for the minor children of the reporting person on March 1, 2012. The first sales occurred on April 16, 2012. Additional sales will occur automatically on a quarterly basis until the plans terminate on December 31, 2013.
( 2)  Shares are held in two separate trusts, Happy Bear Trust and Terrapin Trust, for the benefit of Mr. Urso's minor children.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Urso Philip
C/O TOWERSTREAM CORPORATION
55 HAMMARLUND WAY
MIDDLETOWN, RI 02842
X



Signatures
/s/ Philip Urso 4/18/2012
** 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 control number.