Towerstream Corporation
TOWERSTREAM CORP (Form: 3, Received: 02/26/2016 11:00:23)
FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden
hours per response...
0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Giftakis Arthur G

2. Date of Event Requiring Statement (MM/DD/YYYY)
2/16/2016 

3. Issuer Name and Ticker or Trading Symbol

TOWERSTREAM CORP [TWER]

(Last)        (First)        (Middle)

C/O TOWERSTREAM CORPORATION, 88 SILVA LANE

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

_____ Director                            _____ 10% Owner
___ X ___ Officer (give title below)          _____ Other (specify below)
Chief Operating Officer /

(Street)

MIDDLETOWN, RI 02842       

(City)              (State)              (Zip)
5. 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 Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock   1000   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(MM/DD/YYYY)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Options to Purchase Common Stock     (1) 9/25/2025   Common Stock   30000   $1.3100   D    

Explanation of Responses:
( 1)  In September 2015, the Reporting Person was granted options to purchase up to 30,000 shares of common stock of the Issuer pursuant to the Issuer's 2007 Equity Compensation Plan (the "Option"). The Option shall vest and become exercisable in five installments as follows: the first installment to purchase 50% of the common stock underlying the Option, or the right to purchase 15,000 shares of common stock shall vest on September 11, 2016 and the balance of the Option, or the right to purchase 15,000 shares of common stock shall vest in four equal installments on December 11, 2016, March 11, 2017, June 11, 2017 and September 11, 2017, provided that the Reporting Person continues to serve as an employee of the Issuer as of such vesting dates.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Giftakis Arthur G
C/O TOWERSTREAM CORPORATION
88 SILVA LANE
MIDDLETOWN, RI 02842


Chief Operating Officer

Signatures
/s/ Arthur Giftakis 2/26/2016
** 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 5(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.