SEC Form 4 · accession 0000025445-18-000059
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
Jan 29, 2018
Accepted (ET)
Jan 31, 2018 · 7:14 pm EST
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 | Jan 29, 2018 | M | 55,859 | $0.00 | A | 183,912 | D | |
| CRANE CO. COMMON, PAR VALUE $1.00F2 | Jan 29, 2018 | F | 24,023 | $93.40 | D | 159,889 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 Performance-Based Restricted Share UnitF3,F4 | — | Jan 29, 2018 | A | 23,769 | A | — | — | CRANE CO. COMMON, PAR VALUE $1.00 | 23,769 | 23,769 | D |
| Employee Stock Option (Right to Buy)F5 | $93.40 | Jan 29, 2018 | A | 83,193 | A | — | Jan 29, 2028 | CRANE CO. COMMON, PAR VALUE $1.00 | 83,193 | 83,193 | D |
| 2015 Performance-Based Restricted Share UnitF1 | — | Jan 29, 2018 | M | 32,897 | D | — | — | CRANE CO. COMMON, PAR VALUE $1.00 | 32,897 | 0 | D |
Explanation of responses
- F1Each 2015 Performance-Based RSU granted in January 2015 represented a contingent right to receive a number of shares of Crane Co. Common Stock between zero and 1.75 to be determined with reference to the Total Shareholder Return of Crane Co.'s Common Stock compared to that of companies in the S&P MidCap 400 Capital Goods Group during the period beginning January 1, 2015 and ending December 31, 2017. On January 30, 2018, each Performance-Based RSU was converted to the right to receive 1.698 shares of Common Stock.
- F232,897 Performance-Based RSUs granted in January 2015 were converted on January 29, 2018 into the right to receive 55,859 shares of Common Stock, and 24,023 shares were surrendered to pay taxes on the resulting gain.
- F3Each 2018 Performance-Based RSU represents a contingent right to receive a number of shares of Crane Co. common stock between zero and 2.00, depending upon the Total Shareholder Return of Crane Co.'s common stock compared to that of the companies in the S&P MidCap 400 Capital Goods Group during the period beginning January 1, 2018 and ending December 31, 2020.
- F4Assuming the performance conditions specified in footnote 3 are met, the Performance-Based RSUs will vest on December 31, 2020, if the recipient remains employed by the Company; or has died or become permanently disabled; or has retired at age 65 (or age 62 with ten years of service) subject to a non-competition condition. In the event of a change in control of the Company, the vesting percentage would be determined as of the date of the change in control, although the date of vesting would remain December 31, 2020.
- F5Options become exercisable 25% on the first anniversary, 50% on the second anniversary, 75% on the third anniversary and 100% on the fourth anniversary of the date of grant.