0001315255-20-000070.txt : 20200611
0001315255-20-000070.hdr.sgml : 20200611
20200611173852
ACCESSION NUMBER: 0001315255-20-000070
CONFORMED SUBMISSION TYPE: 3
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20200522
FILED AS OF DATE: 20200611
DATE AS OF CHANGE: 20200611
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Ortega Ernest
CENTRAL INDEX KEY: 0001429444
FILING VALUES:
FORM TYPE: 3
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-35965
FILM NUMBER: 20958151
MAIL ADDRESS:
STREET 1: 18934 CANOE LANDING COURT
CITY: LEESBURG
STATE: VA
ZIP: 20176
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: GTT Communications, Inc.
CENTRAL INDEX KEY: 0001315255
STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
IRS NUMBER: 202096338
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 7900 TYSONS ONE PLACE
STREET 2: SUITE 1450
CITY: MCLEAN
STATE: VA
ZIP: 22102
BUSINESS PHONE: (703) 442-5500
MAIL ADDRESS:
STREET 1: 7900 TYSONS ONE PLACE
STREET 2: SUITE 1450
CITY: MCLEAN
STATE: VA
ZIP: 22102
FORMER COMPANY:
FORMER CONFORMED NAME: Global Telecom & Technology, Inc.
DATE OF NAME CHANGE: 20061018
FORMER COMPANY:
FORMER CONFORMED NAME: Mercator Partners Acquisition Corp.
DATE OF NAME CHANGE: 20050124
3
1
wf-form3_159191151450536.xml
FORM 3
X0206
3
2020-05-22
0
0001315255
GTT Communications, Inc.
GTT
0001429444
Ortega Ernest
7900 TYSONS ONE PLACE
#1450
MCLEAN
VA
22102
0
1
0
0
Chief Revenue Officer
Common Stock, par value $.0001 per share
120000
D
60,000 shares represent several restricted stock grants. Twenty-five percent (25%) of each grant vests on the first anniversary of the respective grant, and the remainder vests in equal quarterly installments beginning the quarter thereafter.
25,000 shares represent a grant of restricted stock pursuant to the GTT Communications, Inc. 2018 Stock Option and Incentive Plan and subject to performance vesting. In the event that a closing and funding of the sale of the GTT Infrastructure Division occurs on a date no later than December 31, 2021, the shares will vest in eight equal quarterly installments over a period of two years following such date.
15,000 shares represent a grant of restricted stock pursuant to the GTT Communications, Inc. 2018 Stock Option and Incentive Plan and subject to performance vesting. In the event that GTT Communications, Inc. achieves a long-term target of 4X "Total Leverage" or better on a quarterly reported basis by December 31, 2023, the shares will vest in four equal quarterly installments over a period of one year, provided GTT Communications, Inc. maintains at least 4X "Total Leverage" on each such vesting date. Total Leverage is defined as (Total Debt less Cash) divided by Annualized Adjusted EBITDA.
20,000 shares represent a performance grant consisting of six different financial targets: (1) 3,000 shares will begin vesting once the Company achieves $2.5 billion in annualized revenue (2) 3,000 shares will begin vesting upon achievement of $3 billion in annualized revenue (3) 3,000 shares will begin vesting upon achievement of $725 million in annualized Adjusted EBITDA (4) 3,000 shares will begin vesting upon achievement of $900 million in annualized Adjusted EBITDA (5) 4,000 shares will begin vesting upon achievement of $2.50 of annualized Adjusted Free Cash Flow per Share and (6) 4,000 shares will begin vesting upon achievement of $5.00 of annualized Adjusted Free Cash Flow per Share. Upon achievement of financial target (1), (3) and (5) the applicable shares will vest quarterly (in equal amounts) over a 2 year period. Upon achievement of financial target (2), (4) and (6) the applicable shares will vest quarterly (in equal amounts) over a 1 year period.
Ernest Ortega
2020-06-11