SEC Form 4 · accession 0001104659-18-049227
Williams Industrial Services Group Inc. · WLMS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Timothy Howsman
Officer — Chief Financial Officer
Period of report
Jul 31, 2018
Accepted (ET)
Aug 2, 2018 · 5:00 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 | Jul 31, 2018 | A | 42,500 | $0.00 | A | 63,551 | 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 | — | Jul 31, 2018 | A | 42,500 | A | — | — | Common Stock | 42,500 | 42,500 | 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 Williams Industrial Services 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 specified per share market price 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.
Remarks
Effective June 29, 2018, the Issuer changed its legal name from "Global Power Equipment Group Inc." to "Williams Industrial Services Group Inc." and its trading symbol from "GLPW" to "WLMS."