SEC Form 4 · accession 0001628280-18-010726
GLOBAL INDUSTRIAL Co · GIC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Lawrence P Reinhold
Officer — President & CEO · Director
Period of report
Aug 3, 2018
Accepted (ET)
Aug 7, 2018 · 6:02 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000945114
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2 | Aug 3, 2018 | M | 50,000 | $13.19 | A | 174,162 | D | |
| Common StockF2 | Aug 3, 2018 | F | 33,124 | $38.96 | D | 174,162 | D | |
| Common StockF2 | Aug 3, 2018 | D | 16,876 | $38.96 | D | 174,162 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Employee Stock OptionF1,F3 | $13.19 | Aug 3, 2018 | M | 50,000 | D | — | May 18, 2019 | Common Stock | 50,000 | 50,000 | D |
Explanation of responses
- F1Pursuant to the previously disclosed share repurchase program, the Issuer has entered into, with the approval of the Board of Directors, a privately negotiated, arm's length agreement with the filing person to repurchase an aggregate of 50,000 shares (by means of a net cashless exercise of options and net of applicable taxes) at a price equal to $38.96 per share, reflecting a 4% discount to the closing price of the Issuer's common stock on August 2, 2018. 33,124 of such shares were surrendered to the Issuer to satisfy the exercise price of the stock option and to satisfy withholding tax obligations and 16,876 of such shares were purchased by the Issuer pursuant to Rule 16b-3(e).
- F2The amount of non-derivative securities beneficially owned following the transaction on Table I is 174,162, which includes 16,666 unvested Restricted Stock Units that were granted on February 1, 2016, 40,000 unvested Restricted Stock Units that were granted on November 14, 2011, 35,000 unvested Restricted Stock Units that were granted on August 25, 2010 and 82,496 shares of common stock.
- F3The options vest over a period of four years with 25% of the options vesting on the first, second, third and fourth anniversary dates of the grant date, which is May 18, 2009.