SEC Form 4 · accession 0000025445-17-000122
Crane NXT, Co. · CXT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Max H Mitchell
Officer — President and CEO · Director
Period of report
Aug 24, 2017
Accepted (ET)
Aug 28, 2017 · 5:05 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000025445
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| CRANE CO. COMMON, PAR VALUE $1.00F1 | Aug 24, 2017 | M | 50,000 | $50.03 | A | 169,938 | D | |
| CRANE CO. COMMON, PAR VALUE $1.00F1 | Aug 24, 2017 | F | 41,885 | $73.02 | D | 128,053 | D | |
| CRANE CO. COMMON, PAR VALUE $1.00F2 | Aug 24, 2017 | A | 23 | $0.00 | A | 2,628 | I | 401(K) |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Employee Stock Option (Right to Buy)F1,F3 | $50.03 | Aug 24, 2017 | M | 50,000 | D | — | Jan 23, 2018 | CRANE CO. COMMON, PAR VALUE $1.00 | 50,000 | 0 | D |
Explanation of responses
- F1Mr. Mitchell exercised 50,000 stock options, priced at $50.03 and due to expire January 2018, at a market price of $73.02. The resulting after-tax gain was taken in the form of 8,115 shares of Crane Co. Common Stock, resulting in a net increase in Mr. Mitchell's direct holdings by that amount, to 128,053 shares. Mr. Mitchell tendered 34,258 shares of previously owned stock to pay the exercise price of the option, and 7,627 shares were withheld to pay taxes on the resulting gain.
- F2Between January 1, 2017 and July 31, 2017, Mr. Mitchell acquired an aggregate of 23 shares of common stock at prevailing market prices through the issuer's 401(K) plan.
- F3This option vested 25% on the first, 50% on the second, 75% on the third, and 100% on the fourth anniversary of the grant date (01/23/2012).