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).
1. Name and Address of Reporting Person*
Marino Robert

(Last) (First) (Middle)
C/O TELOS CORPORATION,19886 ASHBURN ROAD

(Street)
ASHBURN VA 20147-2358

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
TELOS CORP [ TLSRP ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
EVP for Development
3. Date of Earliest Transaction (Month/Day/Year)
10/30/1990
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
Class A Common Stock 05/11/1993 X 100 A $1.42 100 D
Class A Common Stock 12/23/1993 P 121,952 A $1 122,052 D
Class A Common Stock 04/28/2000 G 80,000 D $1 42,052 D
Class A Common Stock 05/03/2000 G 10,000 D $1 32,052 D
Class A Common Stock 07/10/2001 G 10,000 D $1 22,052 D
Class A Common Stock 01/17/2002 G 10,000 D $1 12,052 D
Class A Common Stock 04/30/2003 G 10,000 D $1 2,052 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) $1.42 10/30/1990 A 125,000 10/29/1991(1) 10/29/2000 Class A Common Stock 125,000 $0 125,000 D
Stock option (right to buy) $1.42 04/01/1991 A 40,000 03/31/1992(2) 03/31/2001 Class A Common Stock 40,000 $0 40,000 D
Stock option (right to buy) $1.42 05/11/1993 X 100 10/29/1991 10/29/2000 Class A Common Stock 100 $1.42 124,900 D
Stock option (right to buy) $0.95 05/31/1996 A 167,500 05/31/1996(3) 05/31/2006 Class A Common Stock 167,500 $0 167,500 D
Stock option (right to buy) $1.01 02/10/1997 A 167,500 02/10/1997(4) 02/10/2007 Class A Common Stock 167,500 $0 167,500 D
Stock option (right to buy) $1.07 05/11/1998 A 320,000 05/11/1998(5) 05/11/2008 Class A Common Stock 320,000 $0 320,000 D
Stock option (right to buy) $1.07 05/28/1998 A 42,000 05/28/1998(6) 05/28/2008 Class A Common Stock 42,000 $0 42,000 D
Stock option (right to buy) $1.37 10/31/2000 A 164,900 10/31/2000(7) 10/31/2010 Class A Common Stock 164,900 $0 164,900 D
Stock option (right to buy) $0.62 01/22/2004 A 250,000 01/22/2004(8) 01/22/2014 Class A Common Stock 250,000 $0 250,000 D
Explanation of Responses:
1. The option was exercisable in four equal annual installments. The first installment became exercisable on 10/29/91; the second installment became exercisable on 10/28/92; the third installment became exercisable on 10/28/93; the fourth installment became exercisable on 10/26/94.
2. The option was exercisable in four equal annual installments. The first installment became exercisable on 3/31/92; the second installment became exercisable on 3/30/93; the third installment became exercisable on 3/29/94; the fourth installment became exercisable on 3/28/95.
3. The option is exercisable in five annual installments. The first installment (20%) became exercisable on 5/31/96; the second installment (10%) became exercisable on 5/31/97; the third installment (10%) became exercisable on 5/31/98; the fourth installment (10%) became exercisable on 5/31/99; the fifth installment (50%) became exercisable on 5/10/04.
4. The option is exercisable in five annual installments. The first installment of 20% became exercisable on 2/10/97; the second installment of 10% became exercisable on 2/10/98; the third installment of 10% became exercisable on 2/10/99; the fourth installment of 10% became exercisable on 2/10/00; the fifth installment of 50% became exercisable on 5/10/04.
5. The option is exercisable in five annual installments. The first installment of 20% became exercisable on 5/11/98; the second installment of 10% became exercisable on 5/11/99; the third installment of 10% became exercisable on 5/11/00; the fourth installment of 10% became exercisable on 5/11/00; the fifth installment of 50% became exercisable on 5/11/01.
6. The option is exercisable in five equal annual installments. The first installment became exercisable on 5/28/98; the second installment became exercisable on 5/28/99; the third installment became exercisable on 5/28/00; the fourth installment became exercisable on 5/28/01; the fifth installment became exercisable on 5/28/02.
7. The option became fully exercisable on 10/31/00.
8. The option is exercisable in five equal annual installments. The first installment became exercisable on 1/22/04; the second installment became exercisable on 1/22/05; the third installment became exercisable on 1/22/06; the fourth installment will become exercisable on 1/22/07; the fifth installment will become exercisable on 1/22/08.
/s/ Michele Nakazawa 05/31/2006
** 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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