X0306 4 2014-02-18 1 0000006314 ANAREN INC ANEN 0001157493 GERST CARL W 6635 KIRKVILLE ROAD P.O. BOX 178 EAST SYRACUSE NY 13057 1 1 0 0 Chief Tech. Off/ Vice Chairman Common Stock 2014-02-18 4 D 0 35714 D 317087 D Common Stock 2014-02-18 4 D 0 317087 28.00 D 0 D Common Stock 2014-02-18 4 D 0 13500 28.00 D 0 I By Spouse Stock Option 14.05 2014-02-18 4 D 0 18000 D 2015-08-10 Common Stock 18000 0 D Stock Option 19.56 2014-02-18 4 D 0 6500 D 2016-08-09 Common Stock 6500 0 D Stock Option 12.05 2014-02-18 4 D 0 7910 D 2014-08-30 Common Stock 7910 0 D Stock Option 12.05 2014-02-18 4 D 0 12090 D 2014-08-30 Common Stock 12090 0 D In connection with the Agreement and Plan of Merger among ANVC Merger Corp., ANVC Holdings Corp. and the Issuer (the "Merger Agreement") and pursuant to the Rollover and Subscription Agreement by and between the Reporting Person and Anaren Holdings LLC ("Anaren Holdings"), these shares were contributed to Anaren Holdings in exchange for an equity interest in Anaren Holdings having a market value equal to the merger consideration of $28.00 per share ("Merger Consideration") Disposed of pursuant to the Merger Agreement in exchange for the Merger Consideration A portion of the Issuer common stock disposed of was restricted stock in the amount of 6,976, which, in connection with the merger of ANVC Merger Corp. into the Issuer (the "Merger"), was vested and cancelled in exchange for a per share cash payment equal to the Merger Consideration without interest less any applicable withholding taxes. In connection with the Merger, this stock option was automatically deemed exercised on a net share basis and the shares of Issuer common stock resulting from the net exercise were deemed issued, immediately after which, each share of Issuer common stock was cancelled in exchange for a per share cash payment equal to the Merger Consideration without interest less any applicable withholding taxes, and for this reason, the shares deemed issued were not reported in Table I. /s/ David M. Ferrara, as attorney-in-fact, pursuant to a power of attorney for Carl W. Gerst 2014-02-20