Form 4: APi Group Corp CEO Settles Restricted Stock Units and Reports Beneficial Ownership
SEC Form 4
Russell A. Becker, President and CEO of APi Group Corp, settled restricted stock units for common stock and reported changes in beneficial ownership, including holdings through trusts and a 401(k) plan.
Summary
- On March 9, 2024, Russell A. Becker, the President and CEO of APi Group Corp, settled 17,333 restricted stock units for an equal number of shares of the company's common stock.
- Shares were withheld for tax liability related to the transaction.
- Becker also reported beneficial ownership of common stock held directly and indirectly through various trusts, his spouse, sons, and a 401(k) plan.
- The reported holdings include performance stock units (PSUs) with vesting dependent on performance conditions and stock price targets over specified periods.
- He disclaims beneficial ownership of shares in which he does not have a pecuniary interest.
- The filing also details the vesting schedules for various restricted stock unit grants.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing, so the sentiment is neutral. It reflects standard executive compensation practices.
Positives
- The vesting of restricted stock units and performance stock units aligns management's interests with those of shareholders.
- The reporting person has a significant holding in the company.
Future Outlook
The document outlines future vesting dates and performance periods for restricted stock units and performance stock units, indicating continued equity-based compensation for the reporting person.
Management Comments
- Mr. Becker disclaims beneficial ownership of any shares in which he does not have a pecuniary interest.
Industry Context
Form 4 filings are standard disclosures required by the SEC to provide transparency regarding the transactions of company insiders. This filing indicates ongoing equity-based compensation practices at APi Group Corp.
Comparison to Industry Standards
- Equity compensation is a common practice among publicly traded companies to align management's interests with those of shareholders.
- The vesting schedules and performance-based conditions outlined in the filing are typical components of executive compensation packages.
- Comparing APi Group's equity compensation practices with those of its peers (e.g., Johnson Controls, Honeywell) would provide further context on the competitiveness and alignment of its compensation structure.
Stakeholder Impact
- The vesting of equity awards can incentivize management to improve company performance, potentially benefiting shareholders.
- The disclosure provides transparency to shareholders regarding executive compensation.
Key Dates
| Date | Description |
|---|---|
| 2020-11-30 | Date of the Russell A. Becker GST Trust |
| 2020-12-21 | Date of the Patricia L. Becker Legacy Trust |
| 2022-01-01 | Start date of the performance period for the 2022-1 PSUs |
| 2023-03-09 | First vesting date for some restricted stock units |
| 2023-01-01 | Start date of the performance period for the 2023 PSUs |
| 2024-01-01 | Start date of the performance period for the 2024 PSUs |
| 2024-02-27 | First vesting date for some restricted stock units |
| 2024-03-01 | First vesting date for some restricted stock units |
| 2024-03-09 | Date of transaction: Settlement of restricted stock units for common stock |
| 2024-12-31 | Vesting date for the 2022-1 PSUs |
| 2025-03-09 | Third anniversary of the grant date for the 2022-2 PSUs |
| 2025-12-31 | Vesting date for the 2023 PSUs |
| 2026-12-31 | Vesting date for the 2024 PSUs |
| 2027-03-09 | Latest date for achieving the specified price per share for the 2022-2 PSUs |
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