Table of Contents

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 11-K

 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2017

 

o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                 to                 

 

COMMISSION FILE NUMBER 001-36017

 

A. Full title of the plan and the address of plan, if different from that of the issuer named below:

 

Control4 Corporation 401(k) Profit Sharing Plan

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

Control4 Corporation

11734 South Election Road

Draper, Utah 84020

 

 

 



Table of Contents

 

CONTROL4 CORPORATION

401(k) PROFIT SHARING PLAN

TABLE OF CONTENTS

 

 

 

Page

 

 

 

Report of Independent Registered Public Accounting Firm

 

1

 

 

 

FINANCIAL STATEMENTS

 

 

Statements of Net Assets Available for Benefits

 

2

Statement of Changes in Net Assets Available for Benefits

 

3

Notes to Financial Statements

 

4

 

 

 

SUPPLEMENTAL SCHEDULES

 

 

Schedule H, Line 4(a) — Schedule of Delinquent Participant Contributions

 

11

Schedule H, Line 4(i) — Schedule of Assets (Held at End of Year)

 

12

 



Table of Contents

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Plan Administrator and Plan Participants

Control4 Corporation 401(k) Profit Sharing Plan

Draper, Utah

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of the Control4 Corporation 401(k) Profit Sharing Plan (the “Plan”) as of December 31, 2017 and 2016, the related statement of changes in net assets available for benefits for the year ended December 31, 2017, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and 2016, and the changes in net assets available for benefits for the year ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Supplemental Information

 

The supplemental information included in Schedule H, line 4(a) - Schedule of Delinquent Participant Contributions for the year ended December 31, 2017 and Schedule H, line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2017 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ WSRP, LLC

 

We have served as the Plan’s auditor since 2018.

 

Salt Lake City, Utah

 

June 29, 2018

 

1



Table of Contents

 

CONTROL4 CORPORATION

401(k) PROFIT SHARING PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

 

 

 

December 31,

 

 

 

2017

 

2016

 

Assets

 

 

 

 

 

Investments at fair value

 

 

 

 

 

Collective investment trusts

 

$

9,340,935

 

$

5,397,826

 

Registered investment companies

 

3,413,652

 

1,889,685

 

Employer securities

 

1,586,674

 

 

Total investments at fair value

 

14,341,261

 

7,287,511

 

 

 

 

 

 

 

Guaranteed investment contract at contract value

 

415,815

 

482,437

 

 

 

 

 

 

 

Receivables

 

 

 

 

 

Participant contributions

 

 

47,814

 

Notes receivable from participants

 

132,956

 

30,666

 

Total receivables

 

132,956

 

78,480

 

 

 

 

 

 

 

Total assets

 

14,890,032

 

7,848,428

 

 

 

 

 

 

 

Net assets available for benefits

 

$

14,890,032

 

$

7,848,428

 

 

See notes to the financial statements.

 

2



Table of Contents

 

CONTROL4 CORPORATION

401(k) PROFIT SHARING PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 

 

 

 

Year ended
December 31, 2017

 

Additions

 

 

 

Investment income:

 

 

 

Interest and dividends

 

$

69,467

 

Net appreciation in fair value of investments

 

2,017,604

 

Total investment income

 

2,087,071

 

 

 

 

 

Interest income from notes receivable from participants

 

4,321

 

 

 

 

 

Contributions:

 

 

 

Participant

 

3,184,996

 

Employer

 

1,406,535

 

Rollover

 

806,488

 

Total contributions

 

5,398,019

 

Total additions

 

7,489,411

 

 

 

 

 

Deductions

 

 

 

Benefits paid to participants

 

365,989

 

Administrative expenses

 

81,818

 

Total deductions

 

447,807

 

 

 

 

 

Net increase in net assets available for benefits

 

7,041,604

 

Net assets available for benefits, beginning of year

 

7,848,428

 

Net assets available for benefits, end of year

 

$

14,890,032

 

 

See notes to the financial statements.

 

3



Table of Contents

 

CONTROL4 CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

 

Note 1 - Description of the Plan

 

The following description of the Control4 Corporation 401(k) Profit Sharing Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

 

General

 

The Plan, which commenced on January 1, 2004, is a defined contribution plan covering all eligible employees of Control4 Corporation (the “Company” or “Plan sponsor”), as defined in the Plan document. Employees are eligible to participate in the Plan on the first of the month following their hire date and reaching 18 years of age. The Plan is designed to qualify under Sections 401(a) and 401(k) of the Internal Revenue Code (the “Code”) as amended and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.

 

The Investment Committee is responsible for oversight of the Plan and determines the appropriateness of the Plan’s investment offerings and monitors investment performance. The Investment Committee has retained an advisor as the Plan’s 3(38) Fiduciary Investment Manager.

 

The Plan has arranged for Delaware Charter Guarantee and Trust Company, d/b/a Principal Trust Company (“Principal” or “Trustee”) to serve as trustee, and Principal Life Insurance Company to provide record keeping services for the Plan.

 

The Plan was amended effective January 1, 2017 to a Qualified Automatic Contribution Arrangement (“QACA”) Safe Harbor plan. The amended volume submitter plan received an opinion letter from the IRS on August 8, 2014 and includes an automatic enrollment feature in which all eligible employees are automatically enrolled in the Plan with an elective deferral rate of 6%. Upon initial adoption of this amendment all eligible participants with a deferral percentage of less than 6% who did not opt-out or change their deferral percentage were automatically enrolled.

 

Contributions

 

Participants may elect to contribute up to 100% of their annual eligible earnings on a pre- tax basis, subject to the maximum amount allowable by the Internal Revenue Service (“IRS”). Participants may also make Roth contributions on a post-tax basis.

 

Employer Contributions

 

The Plan was amended effective January 1, 2017 allowing for employer matching contributions to be made to participant accounts. Matching contributions are based on 100% of salary deferral contributions up to 1% of pay, plus 50% of salary deferral contributions from 2% to 6% of pay for the plan year. Employer QACA matching contributions will be 100% vested. The Company determined employer QACA matching contributions will be made using shares of the Company’s stock, which is publicly traded, and has disclosed this matching contribution policy in our filings with the Securities Exchange Commission.

 

The Plan sponsor may also make other discretionary and qualified non-elective contributions.

 

Plan Termination

 

Although it has not expressed any intent to do so, the Plan sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would become 100% vested in their discretionary employer matching contributions or other discretionary employer contributions.

 

4



Table of Contents

 

CONTROL4 CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

 

Note 1 - Description of the Plan (continued)

 

Participant Accounts

 

Each participant’s account is credited with the participant’s contributions, employer QACA matching contributions, other discretionary contributions (if any), and the Plan’s earnings and losses, which include administrative expenses. Allocations are based on participants’ earnings or account balances, as defined in the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

Vesting

 

Participants are immediately vested in their voluntary contributions, earnings thereon, rollover contributions, employer QACA matching contributions and qualified non-elective contributions. Participants vest in the discretionary employer contributions as follows:

 

Years of Eligibility

 

Vested Percentage

 

Less than 2 years

 

0

%

2 years

 

20

%

3 years

 

40

%

4 years

 

60

%

5 years

 

80

%

6 or more years

 

100

%

 

Participants also become 100% vested when the participant reaches normal retirement age (65), incurs a disability as defined by the Plan, or upon death.

 

Investment Options

 

Upon enrollment in the Plan, a participant may direct their contributions in any of the investments listed in the accompanying supplemental schedule of assets. Unless limited by restrictions imposed by individual investment options and subject to redemption fees, participants may change their investment options on a daily basis limited to certain fund restrictions.

 

Notes Receivable from Participants

 

Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance excluding the portion of their account attributable to employer contributions. Loan maturities range from 1 year up to 5 years. The notes are secured by the balance in the participant’s account and bear interest at the prevailing market rate. Interest rates ranged from 5.25% to 6.25% on outstanding notes receivable as of December 31, 2017. Principal and interest are paid ratably through semi-monthly payroll deductions. Notes receivable from participants are deemed to be in default after 90 days of delinquency.

 

Payment of Benefits

 

Participants may receive the vested interest of their Plan account through a distribution of benefits upon retirement, death, termination of employment, or a qualifying hardship. Benefit payments are made in a lump sum distribution, installment payments or rollover contributions to another plan. Participants who terminate with a vested balance of less than $5,000 may receive an automatic distribution of their balance; account balances of less than $1,000 may be distributed as a lump sum and balances greater than this amount, but less than $5,000 may be rolled over into an individual retirement account.

 

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CONTROL4 CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

 

Note 2 — Significant Accounting Policies

 

Basis of Accounting

 

The financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to and deductions from net assets during the reporting period. Actual results could differ from those estimates.

 

Investment Valuation and Income Recognition

 

Investments are reported at fair value (except for the fully benefit-responsive investment contract which is reported at contract value). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan’s Investment Committee determines the Plan’s valuation policies utilizing information provided by the Trustee. See Note 4 for discussion of fair value measurements.

 

Purchases and sales of investments are recorded on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold, as well as held during the year.

 

Notes Receivable from Participants

 

Notes receivable from participants are measured at their unpaid principal balance plus accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are charged to the participant’s account as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2017 or 2016. If a participant ceases to make loan repayments and the Plan administrator deems the participant loan to be in default, the participant loan balance is reduced and a benefit payment is recorded.

 

Unit Values

 

Individual participant accounts for the collective investment trusts and guaranteed investment contract are maintained on a unit value basis. Participants do not have beneficial ownership in the specific underlying securities or other assets in the funds but do have an interest therein represented by units that are valued daily. The funds earn dividends and interest which are automatically reinvested in additional units. Generally, contributions to and withdrawals from each fund are converted to units by dividing the amounts of such transactions by the unit values as last determined, and the participants’ accounts are charged or credited with the number of units properly attributable to each participant.

 

Payment of Benefits

 

Benefits are recorded when paid.

 

Administrative Expenses

 

Certain expenses of the Plan are paid by the Company and are not included in the statement of changes in net assets available for benefits. Fees related to participant requested services and the administration of notes receivable from participants are charged directly to the participant’s account and are included in administrative expenses.

 

6



Table of Contents

 

CONTROL4 CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

 

Note 2 — Significant Accounting Policies (continued)

 

Subsequent Events

 

The Plan has evaluated subsequent events through June 29, 2018, which is the date the financial statements were available to be issued.

 

Note 3 — Fair Value Measurements

 

The Plan’s financial assets that are measured at fair value on a recurring basis consist of Collective Investment Trusts, funds held at Registered Investment Companies and Employer Securities. The following three levels of inputs are used to measure the fair value of financial instruments:

 

Level 1: Quoted prices in active markets for identical assets or liabilities.

 

Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3: Unobservable inputs are used when little or no market data is available.

 

The fair values for all of the Plan’s assets are based on quoted prices in active markets or observable inputs.

 

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2017 and 2016.

 

Collective Investment Trusts

 

Valued at the Net Asset Value (“NAV”) of units of the collective investment trust. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the account less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective investment trust, the investment advisor reserves the right to temporarily delay withdrawal from the account in order to ensure that securities liquidations will be carried out in an orderly business manner.

 

Registered Investment Companies

 

Valued at the daily closing price as reported by the registered investment companies. These funds held by the Plan are open-ended funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price. These funds held by the Plan are deemed to be actively traded.

 

The preceding methods described may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

Employer Securities

 

Employer securities represent common stock of Control4 Corporation which has been contributed to the Plan as an employer contribution. The value of employer securities is determined by multiplying the number of common shares held by the Plan by the close price of the security as quoted by a reliable market exchange.

 

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Table of Contents

 

CONTROL4 CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

 

Note 3 — Fair Value Measurements (continued)

 

The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2017 and 2016:

 

 

 

December 31, 2017

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Registered investment companies

 

$

3,413,652

 

$

 

$

 

$

3,413,652

 

Employer securities

 

1,586,674

 

 

 

1,586,674

 

Total investments in the fair value hierarchy

 

$

5,000,326

 

$

 

$

 

5,000,326

 

 

 

 

 

 

 

 

 

 

 

Investments measured at NAV*

 

 

 

 

 

 

 

9,340,935

 

Total investments at fair value

 

 

 

 

 

 

 

$

14,341,261

 

 

 

 

December 31, 2016

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Registered investment companies

 

$

1,889,685

 

$

 

$

 

$

1,889,685

 

Employer securities

 

 

 

 

 

Total investments in the fair value hierarchy

 

$

1,889,685

 

$

 

$

 

1,889,685

 

 

 

 

 

 

 

 

 

 

 

Investments measured at NAV*

 

 

 

 

 

 

 

5,397,826

 

Total investments at fair value

 

 

 

 

 

 

 

$

7,287,511

 

 


* The fair value of the investments in collective investment trusts has been estimated using the NAV of the investments and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to line items presented in the statements of net assets available for benefits. The collective investment trusts listed in the above tables are redeemed on a daily basis and do not have any redemption restrictions. Additionally, there are no unfunded commitments.

 

Note 4 — Guaranteed Investment Contract with Insurance Company

 

The Plan invests in a fully benefit-responsive guaranteed investment contract with Principal, which is reported at contract value. Principal maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.

 

Because the guaranteed investment contract is fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the guaranteed investment contract. Contract value, as reported to the Plan by Principal, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. In the event of contract termination, the Plan would incur a 5% surrender charge.

 

8



Table of Contents

 

CONTROL4 CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

 

Note 4 — Guaranteed Investment Contract with Insurance Company (continued)

 

There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but may not be less than zero percent. Such interest rates are reviewed on a semiannual basis for resetting.

 

Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) amendment to the Plan document (including complete or partial termination or merger with another plan), (2) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plan sponsor or other Plan sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plan, or (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan administrator does not believe that any events which would limit the Plan’s ability to transact at contract value with Plan participants are probable of occurring.

 

The guaranteed investment contract does not permit the insurance company to terminate the agreement prior to the scheduled maturity date.

 

Note 5 — Related Parties

 

Employer contributions to the Plan are made in common stock of the employer. The employer contributions are calculated in dollars then converted to an equivalent number of common shares. During the year ended December 31, 2017, employer contributions made in common shares of the employer totaled $1,406,535. Participants may sell the common shares received as employer contributions at their discretion subject to certain insider trading policies of the employer.

 

Certain investments of the Plan are managed by Principal. Principal is the Plan’s trustee, and therefore, these transactions are considered exempt party-in-interest transactions. Administrative expenses paid to the Trustee qualify as party-in-interest transactions and totaled $81,818 for the year ended December 31, 2017.

 

Note 6 — Tax Status

 

The Internal Revenue Service (“IRS”) has determined that the prototype 401(k) profit sharing plan is designed in accordance with applicable sections of the Code and informed the Trustee of such in a letter dated March 31, 2014. The Plan Investment Committee has adopted the prototype plan and believes that the Plan is currently being operated in compliance with the applicable requirements of the Code.

 

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2017 there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

 

Note 7 — Risks and Uncertainties

 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risk. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

 

9


 


Table of Contents

 

CONTROL4 CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

 

Note 8 — Non-Exempt Transactions

 

Defined contribution plans are required to remit employee contributions to the Plan as soon as they can be reasonably segregated from the Plan sponsor’s general assets.

 

In February 2017, the Company failed to remit certain employee contributions to the Plan in the total amount of $557 as detailed in Schedule H, Line 4(a). Interest was remitted to the Plan in May 2018 with regards to these contributions in the amount of $29.

 

In March and July 2016, the Company failed to remit employee contributions to the Plan in the total amount of $2,543. Interest was remitted to the Plan in October 2017, with regards to these contributions in the amount of $9.

 

These transactions, although originating from minor procedural oversights, are deemed prohibited transactions in accordance with ERISA and the IRC and were subsequently rectified by the Plan promptly upon discovery.

 

Note 9 — Voluntary Correction Program

 

For the years ended December 31, 2017, 2016, 2015, and 2014, Plan management determined that the Plan’s operational procedures excluded stock-based compensation wages from eligible wages for employee deferrals. The Plan document includes this compensation type in the definition of wages that are eligible for employee deferrals pursuant to the Plan. As a result, the operation of the Plan was not in compliance with the provisions of the Plan document to the extent participants had any stock-based compensation wages during these periods. The Plan is in the process of filing a Voluntary Correction Program (“VCP”) submission to the IRS to request a retroactive amendment to these provisions of the Plan document for the years ended December 31, 2017, 2016, 2015, and 2014 which would amend how eligible wages are defined and bring operation of the Plan into full compliance. The outcome of the VCP filing is not known at this time.

 

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Table of Contents

 

CONTROL4 CORPORATION 401(k) PROFIT SHARING PLAN

EIN: 42-1583209

Plan #001

 

SCHEDULE H, LINE 4(a) — SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS

 

FOR THE YEAR ENDED DECEMBER 31, 2017

 

Participant
Contributions
Transferred Late
to Plan

 

Total that Constituted Non-exempt Prohibited Transactions

 

Total Fully Corrected
Under Voluntary

 

Check here if Late
Participant Loan
Repayments are
Included:

 

Contributions Not
Corrected*

 

Contributions Corrected
Outside the VFCP

 

Contributions
Pending
Correction in
VFCP

 

Fiduciary Correction
Program (VFCP) and
Prohibited Transaction
Exemption 2002-51

 

o

 

$

317

 

$

 

$

 

$

 

o

 

$

240

 

$

 

$

 

$

 

o

 

$

 

$

 

$

1,402

 

$

1,402

 

o

 

$

 

$

 

$

1,141

 

$

1,141

 

 


*  Corrective Contributions were appropriately made in 2018

11



Table of Contents

 

CONTROL4 CORPORATION 401(k) PROFIT SHARING PLAN

EIN: 42-1583209

Plan #001

 

SCHEDULE H, LINE 4(i) — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

 

FOR THE YEAR ENDED DECEMBER 31, 2017

 

(a) Related
Party

 

(b) Identity of issuer, borrower,
lessor or similar party.

 

(c) Description of investment
including maturity date, rate of
interest, collateral, par or maturity
value.

 

(d) Cost

 

(e) Current
Value

 

 

 

Collective investment trusts

 

 

 

 

 

 

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
Prin LifeTime Hybr 2020 CIT I

 

**

 

$

860,343

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
Prin LifeTime Hybr 2025 CIT I

 

**

 

727,775

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
Prin LifeTime Hybr 2030 CIT I

 

**

 

1,471,060

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
Prin LifeTime Hybr 2035 CIT I

 

**

 

2,399,887

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
Prin LifeTime Hybr 2040 CIT I

 

**

 

1,662,012

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
Prin LifeTime Hybr 2045 CIT I

 

**

 

1,260,442

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
Prin LifeTime Hybr 2050 CIT I

 

**

 

653,018

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
Prin LifeTime Hybr 2055 CIT I

 

**

 

183,002

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
Prin LifeTime Hybr 2060 CIT I

 

**

 

85,384

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
PRIN LIFETIME HYBR INC CIT I

 

**

 

588

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
PRIN LIFETIME HYBR 2010 CIT I

 

**

 

3,286

 

*

 

Principal Global Investors Trust Co

 

Common/Collective Trust
PRIN LIFETIME HYBR 2015 CIT I

 

**

 

34,139

 

 

 

 

 

 

 

 

 

9,340,935

 

 

 

 

 

 

 

 

 

 

 

 

 

Registered investment companies

 

 

 

 

 

 

 

 

 

American Beacon Funds

 

Registered Investment Company American Beacon Int Eq Inst Fd

 

**

 

4,244

 

*

 

Principal Funds Inc

 

Registered Investment Company PRIN DIV REAL ASSET INST FUND

 

**

 

875

 

 

 

The American Funds

 

Registered Investment Company American Funds NewWorld R5

 

**

 

180,484

 

 

 

Eagle Financial Services, Inc.

 

Registered Investment Company CARILLON EAGLE MIDCAGWTH R6 FD

 

**

 

2,812

 

 

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Table of Contents

 

 

 

Janus International Holding, LLC

 

Registered Investment Company JANUSHENDERSON TRITON N

 

**

 

195,116

 

 

 

JP Morgan Funds

 

Registered Investment Company JP Morgan Grow & Inc I Fund

 

**

 

29,827

 

 

 

JP Morgan Funds

 

Registered Investment Company JP Morgan Sm Cap Value R5 Fund

 

**

 

56,810

 

 

 

MFS Investment Management

 

Registered Investment Company MFS Intl New Discovery R4 Fd

 

**

 

5,757

 

 

 

Oppenheimer

 

Registered Investment Company Oppenheimer Intl Growth Y Fund

 

**

 

177,729

 

*

 

Principal Funds Inc

 

Registered Investment Company Prin Equity Income Inst Fund

 

**

 

187,288

 

*

 

Principal Funds Inc

 

Registered Investment Company Prin Global RE Secs Inst Fund

 

**

 

6,785

 

*

 

Principal Funds Inc

 

Registered Investment Company Prin LgCap Growth I Inst Fund

 

**

 

285,186

 

*

 

Principal Funds Inc

 

Registered Investment Company Prin Real Estate Secs Inst Fd

 

**

 

32,979

 

 

 

PIMCO Funds

 

Registered Investment Company PIMCO Inv Gd Corp Bd Instl Fd

 

**

 

97,557

 

 

 

PGIM Investments

 

Registered Investment Company PRUDENTIAL TTL RET BOND Q FD

 

**

 

106,517

 

 

 

Schwab Funds

 

Registered Investment Company SCHWAB S&P 500 INDEX FUND

 

**

 

996,230

 

 

 

Vanguard Group

 

Registered Investment Company Vanguard Mid Cap Index Adm Fd

 

**

 

269,910

 

 

 

Vanguard Group

 

Registered Investment Company Vanguard REIT Index Adm Fund

 

**

 

201,319

 

 

 

Vanguard Group

 

Registered Investment Company Vanguard Sm Cap Index Adm Fund

 

**

 

303,397

 

 

 

Vanguard Group

 

Registered Investment Company Vanguard Ttl Bd Mkt Idx Adm Fd

 

**

 

75,769

 

 

 

Vanguard Group

 

Registered Investment Company Vgd Ttl Intl Stk Idx Adm Fd

 

**

 

116,301

 

 

 

Wells Fargo

 

Registered Investment Company Wells Fargo Sp MC Val I Fund

 

**

 

80,760

 

 

 

 

 

 

 

 

 

3,413,652

 

 

 

 

 

 

 

 

 

 

 

 

 

Employer securities

 

 

 

 

 

 

 

*

 

Control4 Corporation

 

Employer Security
CONTROL4 CORPORATION STOCK

 

1,206,601

 

1,586,674

 

 

 

 

 

 

 

1,206,601

 

1,586,674

 

 

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Table of Contents

 

Guaranteed investment contract

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

 

Principal Life Insurance Company

 

Insurance Company General Prin Fixed Inc Guar Option

 

**

 

415,815

 

 

 

 

 

 

 

 

 

415,815

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable from participants

 

 

 

 

 

 

 

*

 

Participant Loans

 

Range of Interest Rates Rates Range From 5.25% To 6.25%

 

**

 

132,956

 

 

 

 

 

 

 

 

 

132,956

 

 

 

 

 

 

 

 

 

$

14,890,033

 

 


*

 

Represents a party-in-interest

 

 

 

 

 

 

 

**

 

Cost information is not required for participant-directed investments

 

 

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Table of Contents

 

SIGNATURE

 

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

CONTROL4 CORPORATION 401(K) PROFIT SHARING PLAN

Date: June 29, 2018

By:

/s/ Mark Novakovich

 

 

Mark Novakovich
Member, Control
Control4 Corporation 401(k) Profit Sharing Plan

 

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Table of Contents

 

INDEX TO EXHIBITS

 

Exhibit No.

 

Exhibit

 

 

 

23.1

 

Consent of Independent Registered Public Accounting Firm.

 

16


Exhibit 23.1

 

Consent of Independent Registered Public Accounting Firm

 

Control4 Corporation 401(k) Profit Sharing Plan

Draper, Utah

 

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (333-215987) of Control4 Corporation of our report dated June 29, 2018, relating to the financial statements and supplemental schedules of Control4 Corporation 401(k) Profit Sharing Plan which appear in this Form 11-K for the year ended December 31, 2017.

 

 

/s/ WSRP, LLC

Salt Lake City, Utah

June 29, 2018