SEC Form 4 · accession 0001315255-17-000130
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
Oct 30, 2017
Accepted (ET)
Nov 3, 2017 · 10:05 am EDT
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 share | Nov 1, 2017 | S | 7,000 | $36.3367 | D | 391,517 | D | |
| Common Stock, par value $.0001 per share | Oct 30, 2017 | A | 100,000 | $35.35 | A | 491,517 | D | |
| Common Stock, par value $.0001 per share | holding | — | — | — | 43,357 | I | By Chris McKee LLC Trust |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Open market sale pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 11, 2016 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. as amended, pursuant to which a maximum of 84,000 shares were made available for sale.
- F2The Performance grant of 100,000 shares consists of four different financial targets: (1) 25,000 shares will begin vesting once the Company achieves $1.5 billion in annualized revenue (2) 25,000 shares will begin vesting upon achievement of $2 billion in annualized revenue (3) 25,000 shares will begin vesting upon achievement of $400 million in annualized Adjusted EBITDA and (4) 25,000 shares will begin vesting upon achievement of $550 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 by the end of 2021, those specific performance grant portions will expire and those shares are forfeited; time vesting after achieving performance metrics may extend beyond the end of 2021.