SEC Form 4 · accession 0001315255-15-000061
GTT Communications, Inc. · GTT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Chris McKee
Officer — General Counsel and EVP
Period of report
Nov 1, 2015
Accepted (ET)
Nov 6, 2015 · 3:16 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001315255
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, par value $.0001 per shareF1 | Nov 1, 2015 | A | 125,000 | $0.00 | A | 668,537 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1The Performance grant of 125,000 shares consists of four different financial targets: (1) 31,250 shares will begin vesting once the Company achieves $700M in annualized revenue (2) 31,250 shares will begin vesting upon achievement of $1 billion in annualized revenue (3) 31,250 shares will begin vesting upon achievement of $168 million in annualized Adjusted EBITDA and (4) 31,250 shares will begin vesting upon achievement of $250 million in annualized Adjusted EBITDA. Upon achievement of financial target (1) and (3) the applicable shares will vest quarterly (in equal amounts) over a 2 year period. Upon achievement of financial target (2) and (4) the applicable shares will vest quarterly (in equal amounts) over a 1 year period. For any performance metrics not achieved within 5 years of grant date, those specific performance grant portions will expire and those shares are forfeited; time vesting after achieving performance metrics may extend beyond 5 years.