SEC Form 4 · accession 0001434842-19-000019
Forbes Energy Services Ltd. · FLSS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John E. Crisp
Officer — President & CEO · Director
Period of report
Mar 1, 2019
Accepted (ET)
Mar 5, 2019 · 4:55 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001434842
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F2 | — | Mar 1, 2019 | A | 9,220 | A | — | — | Common Stock, par value $0.01 | 9,220 | 5,532 | D |
| Restricted Stock UnitsF3 | — | Mar 1, 2019 | M | 3,688 | D | — | — | Common Stock, par value $0.01 | 3,688 | 3,688 | D |
Explanation of responses
- F1Each restricted stock unit represents a contingent right to receive one share of Company common stock, par value $0.01 per share.
- F2Represents the total number of exit financing restricted stock units granted on August 28, 2017 under the Company's management incentive plan. The number of restricted stock units that are ultimately earned is determined by the date on which a debt repayment condition is met as described in the Company's management incentive plan. The number of restricted stock units that are ultimately earned vest as follows: 40% on the first day following the date that is eighteen (18) months after the date of grant, 20% each on the second and third anniversaries of the date of grant, and 20% one day prior to the fourth anniversary of the date of grant. The restricted stock units, once vested, will generally entitle the Reporting Person to receive the applicable number of shares of Company common stock.
- F3Represents the maximum number of vested restricted stock units for which shares could be issued in accordance with the provisions of the grant made on August 28, 2017.