Form 4: Avanos Medical CEO Joseph Woody Reports Share Transactions Following Vesting of Restricted Share Units
SEC Form 4 Filing
CEO Joseph Woody reports the vesting of performance-based and time-based restricted share units, followed by the surrender of shares to cover tax obligations.
Summary
- On March 18, 2024, Avanos Medical CEO Joseph Fralin Woody reported transactions related to the vesting of restricted share units.
- 15,821 performance-based restricted share units (PRSUs) awarded on March 17, 2021, vested on March 18, 2024.
- Shares were surrendered to the issuer to cover tax withholding obligations upon the vesting of the PRSUs.
- 7,095 shares were surrendered at a price of $19.09.
- 26,670 shares were also surrendered at a price of $19.09 to cover tax obligations related to the vesting of 59,477 time-based restricted share units (TRSUs) that vested on the same date.
- Following these transactions, Woody directly owns 420,045 shares of Avanos Medical, Inc.
Sentiment
Score: 5
Explanation: This is a neutral filing related to standard executive compensation practices. It doesn't indicate any positive or negative sentiment regarding the company's performance or outlook.
Industry Context
This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It provides transparency into the equity holdings of key executives.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time, aligning executive interests with long-term shareholder value.
- The vesting schedules and tax withholding practices described in the filing are standard across publicly traded companies.
- Companies like Medtronic, Boston Scientific, and Johnson & Johnson also utilize similar equity-based compensation strategies for their executives.
Stakeholder Impact
- Shareholders are informed about changes in the beneficial ownership of the company's shares by a key executive.
- The transactions have a minor impact on the total number of outstanding shares due to the surrender of shares for tax obligations.
Key Dates
| Date | Description |
|---|---|
| 03/17/2021 | Date performance-based restricted share units (PRSUs) and time-based restricted share units (TRSUs) were awarded to Joseph Woody. |
| 03/18/2024 | Date of transaction: Vesting of PRSUs and TRSUs, and surrender of shares for tax obligations. |
| 03/19/2024 | Date of signature for the Form 4 filing. |
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