4//SEC Filing
McElroy John 4
Accession 0001401257-20-000135
CIK 0001401257other
Filed
Aug 13, 8:00 PM ET
Accepted
Aug 14, 1:28 PM ET
Size
9.8 KB
Accession
0001401257-20-000135
Insider Transaction Report
Form 4
McElroy John
Principal Accounting Officer
Transactions
- Award
Common Stock
2020-08-12+100,000→ 129,084 total - Award
Common Stock
2020-08-12+15,000→ 144,084 total
Footnotes (6)
- [F1]Represents an award of restricted stock units (the "Units") granted pursuant to the Forum Energy Technologies, Inc. 2016 Second Amended and Restated Stock and Incentive Plan (the "Plan"). Each Unit represents a contingent right to receive one share of Forum Energy Technologies, Inc. (the "Company") common stock, par value $0.01 per share ("Common Stock"), upon the vesting of the Units. (Continued on Footnote 2)
- [F2]The Units are divided equally into three tranches and there are two conditions for vesting of each tranche: (i) achieving a minimum stock price threshold and (ii) continuous service. In respect of the minimum stock price threshold, the closing price of the Company's Common Stock must equal or exceed a threshold price of $0.71, which is 150% of the Company's closing stock price on the grant date, for a total of twenty trading days during the following time periods: Tranche 1: grant date through the third anniversary of the grant date; Tranche 2: first anniversary of the grant date through the third anniversary of the grant date; Tranche 3: second anniversary of the grant date through the third anniversary of the grant date. (continued on footnote 3)
- [F3]The Units may vest based on continuous service according to the following schedule: 1/3 on each of the first, second, and third anniversaries of the grant date. Vesting for any tranche will occur on the applicable anniversary date on or following satisfaction of the minimum price threshold condition. The Units will be forfeited upon a termination of employment prior to vesting, except in limited circumstances. (continued on footnote 4)
- [F4]The Units also include dividend equivalent rights that entitle the reporting person to the same dividends that would be payable were the shares of Common Stock underlying the Units actually outstanding at the time such dividends were issued. The credited dividends will be paid concurrently with the issuance of the shares of Common Stock to the reporting person.
- [F5]Represents an award of Units granted pursuant to the Plan. Each Unit represents a contingent right to receive one share of the Company's Common Stock, upon the vesting of the Units. There are two conditions for vesting: (i) achieving a minimum stock price threshold and (ii) continuous service. In respect of the stock price threshold, the closing price of the Company's Common Stock over twenty consecutive trading days must equal or exceed $1.50, which is approximately 320% of the Company's closing stock price on the grant date. If the minimum price threshold is met, and the reporting person is continuously employed by the Company through the third anniversary of the grant date, the Units will vest. The Units will be forfeited upon a termination of employment prior to vesting, except in limited circumstances. (continued on footnote 6)
- [F6]The Units also include dividend equivalent rights that entitle the reporting person to the same dividends that would be payable were the shares of Common Stock underlying the Units actually outstanding at the time such dividends were issued. The credited dividends will be paid concurrently with the issuance of the shares of Common Stock to the reporting person.
Documents
Issuer
FORUM ENERGY TECHNOLOGIES, INC.
CIK 0001401257
Entity typeother
Related Parties
1- filerCIK 0001785823
Filing Metadata
- Form type
- 4
- Filed
- Aug 13, 8:00 PM ET
- Accepted
- Aug 14, 1:28 PM ET
- Size
- 9.8 KB