Form 4: Apogee Enterprises Director Donald A. Nolan Reports Acquisition of Phantom Stock Units and Deferred Restricted Stock Units

Director Donald A. Nolan reports the acquisition of phantom stock units and deferred restricted stock units through dividend equivalent reinvestment features.

Summary

• On June 28, 2024, Donald A. Nolan, a director of Apogee Enterprises, Inc., acquired additional phantom stock units and deferred restricted stock units.
• These acquisitions were made under the Deferred Compensation Plan for Non-Employee Directors, the 2009 Non-Employee Director Stock Incentive Plan, and the 2019 Non-Employee Director Stock Plan.
• The acquisitions are a result of dividend equivalent reinvestment features within these plans.
• Nolan now beneficially owns 10,195 phantom stock units and 26,047 deferred restricted stock units.
• The phantom stock units and deferred restricted stock units will be settled in shares of common stock following the director's termination from the Board or other specified events.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects standard compensation practices and aligns director interests with shareholders. There are no indications of negative events or concerns.

Positives

• The acquisition of stock units through dividend reinvestment plans aligns the director's interests with those of the shareholders.
• The deferred nature of the stock units encourages long-term commitment to the company's success.

Future Outlook

The phantom stock units and deferred restricted stock units will be settled in shares of common stock following the director's termination from the Board or other specified events, as per the terms of the compensation plans.

Industry Context

This filing is a routine disclosure of stock unit acquisitions by a company director, reflecting standard compensation practices for board members in publicly traded companies.

Comparison to Industry Standards

• Deferred compensation plans and stock incentive plans are common practices among publicly traded companies to align the interests of directors with those of shareholders.
• Companies like Corning, PPG, and Saint-Gobain also utilize similar compensation structures for their board members, including deferred stock units and phantom stock plans.
• The specific terms and conditions of these plans vary, but the underlying principle of incentivizing long-term value creation remains consistent.

Stakeholder Impact

• The acquisition of stock units by a director can positively influence shareholder confidence by aligning management's interests with those of the shareholders.
• Employees may view this as a positive sign of the company's commitment to its leadership.

Key Dates