McElroy John 4
4 · FORUM ENERGY TECHNOLOGIES, INC. · Filed Nov 4, 2019
Insider Transaction Report
Form 4
McElroy John
Principal Accounting Officer
Transactions
- Award
Stock Appreciation Rights
2019-10-31+110,000→ 110,000 totalExercise: $1.45From: 2022-10-31Exp: 2022-10-31→ Common Stock (110,000 underlying)
Footnotes (3)
- [F1]Represents an award of stock appreciation rights ("SARs") granted pursuant to the Forum Energy Technologies, Inc. 2016 Stock and Incentive Plan (the "Plan"). Each SAR represents a contingent right to receive the excess, if any, of the fair market value of one share of Forum Energy Technologies, Inc. (the "Company") common stock, par value $0.01 ("Common Stock"), over the exercise price upon vesting.
- [F2]The SARs vest on the third anniversary of the date of grant (10/31/2019) and will settle in Common Stock or, at the Company's election, in cash, as soon as practicable thereafter, subject to a threshold condition that the average closing price of a share of Common Stock over the twenty trading days prior to the settlement date is equal to or greater than $5.00. The SARs will be forfeited upon a termination of employment prior to vesting, except in limited circumstances. In connection with the award hereunder, the Company's Board of Directors has determined that the maximum award under the 2019 Management Incentive Plan ("MIP") that the reporting person is eligible to receive will be 75% of the MIP's target payout.
- [F3]The exercise price of each SAR is $1.45 per share, which is 125% of the Company's closing stock price on the date of grant.