SEC Form 4 · accession 0001104659-18-041837
Williams Industrial Services Group Inc. · WLMS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Tracy D Pagliara
Officer — President and CEO · Director
Period of report
Aug 5, 2016
Accepted (ET)
Jun 22, 2018 · 5:18 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001136294
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, $0.01 par value per share | Jun 20, 2018 | A | 104,167 | $0.00 | A | 295,059 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance-Based Restricted Stock UnitsF2 | — | Aug 5, 2016 | A | 73,000 | A | — | — | Common Stock | 73,000 | 73,000 | D |
| Performance-Based Restricted Stock UnitsF3 | — | Jun 20, 2018 | A | 104,166 | A | — | — | Common Stock | 104,166 | 104,166 | D |
Explanation of responses
- F1Represents restricted stock units. Of the restricted stock units, each of which represents the right to receive one share of common stock of Global Power Equipment Group Inc. (the "Company"), one-third will vest on March 31 of each of 2019, 2020 and 2021, respectively, subject to continued employment through the vesting date.
- F2Each performance-based restricted stock unit ("PRSU") represents a contingent right to receive one share of the Company's common stock. The applicable performance goal will be satisfied if the Company's common stock achieves a per share market price of $5.50 or greater for any period of 30 consecutive trading days prior to August 5, 2021 (the "2016 performance goal"). As of the date hereof, the 2016 performance goal has not been achieved. The PRSUs were to generally vest in two equal installments on March 30, 2017 and March 30, 2018 if the 2016 performance goal had been met by such date, and PRSUs remain subject to continued employment through the vesting date. If the Company has not achieved the performance goal by August 5, 2021, all unvested PRSUs will be forfeited.
- F3Each PRSU represents a contingent right to receive one share of the Company's common stock. The applicable performance goal will be satisfied if the Company's common stock achieves a per share market price of $5.00 or greater for any period of 30 consecutive trading days prior to June 30, 2021 (the "2018 performance goal"). The PRSUs generally vest in three equal installments on March 31 of each of 2019, 2020 and 2021, respectively, provided that the 2018 performance goal has been met by such date (and, if not, through the date the 2018 performance goal is subsequently achieved), and are subject to continued employment through the vesting date. If the Company has not achieved the performance goal by June 30, 2021, all unvested PRSUs will be forfeited.