SEC Form 4 · accession 0001562180-19-001252
GIBRALTAR INDUSTRIES, INC. · ROCK
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Frank Heard
Officer — Vice Chairman of the Board · Director
Period of report
Feb 20, 2019
Accepted (ET)
Feb 22, 2019 · 3:01 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000912562
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Performance Stock Unit (March 2018)F1,F2 | Feb 20, 2019 | D | 2,159 | $0.00 | D | 45,817 | D | |
| Common Stock | holding | — | — | — | 95,163 | D | ||
| Performance Stock Unit (February 2017) | holding | — | — | — | 9,217 | D | ||
| Performance Stock Unit (March 2018) | holding | — | — | — | 47,976 | D | ||
| Restricted Stock Unit (LTIP 02/01/2016) | holding | — | — | — | 4,773 | D | ||
| Restricted Stock Unit (LTIP 02/01/2017) | holding | — | — | — | 8,363 | D | ||
| Restricted Stock Unit (LTIP 12/29/2014) | holding | — | — | — | 10,000 | D | ||
| Restricted Stock Unit (LTIP 3/1/2018) | holding | — | — | — | 41,979 | D | ||
| Restricted Stock Units (February 2017) | holding | — | — | — | 20,000 | D | ||
| Special Performance Stock Unit (February 2017) | holding | — | — | — | 20,000 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Option (December 2015) | $25.44 | holding | — | — | — | Dec 31, 2018 | Dec 31, 2025 | Common Stock | 25,000 | 25,000 | D |
| Option (February 2017) | $43.05 | holding | — | — | — | Feb 1, 2020 | Feb 1, 2027 | Common Stock | 20,000 | 20,000 | D |
| Restricted Stock Unit (MSPP Match Post-2012)F3 | — | holding | — | — | — | — | — | Common Stock | 87,079 | 87,079 | D |
| Restricted Stock Unit (MSPP Post-2012)F4 | — | holding | — | — | — | — | — | Common Stock | 124,771 | 124,771 | D |
Explanation of responses
- F1Represents Performance Units which will be awarded to the Reporting Person under the Company 's Equity Incentive Plan upon achievement of the targeted return on invested capital for 2018. The maximum number of Performance Units which may be earned is two hundred percent (200%) of the Performance Units awarded for target level performance and the minimum number of Performance Units which may be earned is zero (0) Performance Units.
- F2Represents a decrease of the targeted number of Performance Units awarded to the Reporting Person on March 1, 2018 under the Company's 2015 Equity Incentive Plan as a result of the Company's achievement of a return on invested capital below the targeted return on invested capital for 2018. The Compensation Committee has reviewed and confirmed the Company's calculation of Return on Invested Capital for 2018 as compared to target and approved the resulting decrease in the number of Performance Units.
- F3Restricted stock units are forfeited if Reporting Person's service as an officer of the Company is terminated prior to age sixty (60). If service as an officer continues through age sixty (60), restricted stock units are payable solely in cash in one lump sum payment or in five (5) or ten (10) consecutive, substantially equal annual installments, whichever distribution form is elected by the Reporting Person, beginning six (6) months following termination of service. Each restricted stock unit is converted to cash in an amount equal to the fair market value (200 day rolling average) of one share of the Company's common stock on the date of termination of the Reporting Person's service as an officer of the Company.
- F4Restricted stock units are payable solely in cash in one lump sum payment or in five (5) or ten (10) consecutive, substantially equal annual installments, whichever distribution form is elected by the Reporting Person, beginning six (6) months following termination of service as an officer of the Company. Each restricted stock unit is converted to cash in an amount equal to the fair market value (200 day rolling average) of one share of the Company's common stock on the date of termination of the Reporting Person's service as an officer of the Company.