SEC Form 4 · accession 0001514732-18-000035
SAExploration Holdings, Inc. · SAEX
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jeff Hastings
Officer — Chairman and CEO · Director
Period of report
Jan 26, 2018
Accepted (ET)
Feb 1, 2018 · 5:08 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001514732
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | Jan 26, 2018 | M | 16,193 | $10.19 | A | 38,395 | D | |
| Common StockF1,F2 | Jan 26, 2018 | A | 58,834 | — | A | 97,229 | D | |
| Common Stock | Jan 26, 2018 | F | 15,817 | $2.46 | D | 81,412 | D | |
| Common StockF3 | holding | — | — | — | 27,000 | I | Through dispositive and voting control of Speculative Seismic Investments, LLC | |
| Common StockF4 | holding | — | — | — | 24,221 | I | Through dispositive and voting control of CLCH, LLC |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF2,F5,F6 | — | Jan 26, 2018 | M | 58,834 | D | — | — | Common Stock | 58,834 | 0 | D |
| Stock Option (Right to Buy)F7,F5 | $10.19 | Jan 26, 2018 | M | 16,193 | D | — | Sep 26, 2026 | Common Stock | 16,193 | 0 | D |
Explanation of responses
- F1The restricted stock units were issued pursuant to the SAExploration Holdings, Inc. (the "Company") 2016 Long Term Incentive Plan on September 26, 2016. The 2016 Long Term Incentive Plan was amended and restated effective as of May 30, 2017 (as amended, the "LTIP"). Each restricted stock unit issued pursuant to the LTIP represents the right to receive, upon the applicable vesting date, either (i) a share of Common Stock of the Company or (ii) an amount of cash equal in value to the value of a share of the Company's Common Stock on the date of transfer. The Reporting Person elected to receive shares of Common Stock of the Company in lieu of an amount of cash equal to the value of such Common Stock of the Company.
- F2Each restricted stock unit issued pursuant to the Plan represents the right to receive, upon vesting, either (i) a share of Common Stock of the Company or (ii) an amount of cash equal to the value of a share of the Company's Common Stock on the date of transfer. This transaction represents the settlement of restricted stock units in shares of common stock on their accelerated vesting date.
- F3Speculative Seismic Investments, LLC is a Texas limited liability company controlled by the Reporting Person.
- F4CLCH, LLC is an Alaska limited liability company controlled by the Reporting Person.
- F5Pursuant to the terms of the Restructuring Support Agreement dated as of December 19, 2017, among SAExploration Holdings, Inc., as approved by the Board of Directors on January 24, 2018, the members of management identified therein and the supporting holders identified therein, all issued equity compensation shall vest and convert into common shares immediately prior to the Closing Date and be treated as existing equity subject to dilution pursuant to the Term Sheet (all terms as defined therein).
- F6The restricted stock units will vest as follows: (i) 1/3 on the earliest to occur of certain events as defined in the LTIP; (ii) 1/3 on the second anniversary of the Closing Date, as defined in the LTIP; and (iii) the remaining 1/3 on the third anniversary of the Closing Date, as defined in the LTIP.
- F7The Exercise Price of the option is $10.19 per share, which is equal to the VWAP per common share for the 30-day period that ends on the Grant Date, all terms as defined in the Company's 2016 Long Term Incentive Plan (the "LTIP").