SEC Form 4 · accession 0000008947-18-000089
AZZ INC · AZZ
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Ken Lavelle
Officer — President & GM - Electrical
Period of report
May 18, 2018
Accepted (ET)
May 22, 2018 · 7:03 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000008947
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance Share UnitsF1,F2 | — | May 18, 2018 | A | 2,976 | A | — | — | COMMON STOCK | 2,976 | 2,976 | D |
| Restricted Stock UnitsF3,F4 | — | May 18, 2018 | A | 2,976 | A | — | — | COMMON STOCK | 2,976 | 2,976 | D |
Explanation of responses
- F1Each Performance Share Unit ("PSU") represents a contingent right to receive shares of AZZ common stock with the actual number varying based on achieved results.
- F2Represents 100% of the target number of PSUs that will be earned, if at all, based upon the achievement of certain pre-established performance goals during the 3-year performance cycle (3/1/2018 - 2/28/2021), which is subject to a 25% total shareholder return ("TSR") modifier that may be applied if AZZ's TSR ranks in the top quartile relative to the TSR generated by each company in AZZ's industry peer group and a 25% decrease if AZZ's TSR is in the bottom quartile relative to its industry peer group.
- F3Each restricted stock unit ("RSU") represents a contingent right to receive one share of AZZ common stock.
- F4The RSUs are granted under AZZ's 2014 Long Term Incentive Plan and vest over a 3-year period with 1/3rd of the RSUs vesting on each of the first, second and third anniversaries of the grant date beginning on 5/18/2019.