Form 4: Avis Budget Group Executive VP Edward Linnen Reports Stock Transactions
SEC Form 4
Edward P. Linnen, EVP and Chief HR Officer of Avis Budget Group, reports the vesting and conversion of restricted stock units and dividend equivalent units into common stock, along with tax withholdings.
Summary
- Edward P. Linnen, the EVP and Chief HR Officer of Avis Budget Group, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On March 9, 2024, Linnen had 9,256 restricted stock units and dividend equivalent units convert to common stock at a price of $0.
- He also disposed of 4,294 shares of common stock to cover tax withholdings at a price of $111.96 per share.
- Following these transactions, Linnen directly owns 48,180 shares of common stock and indirectly owns 3,496 shares through a 401(k) plan.
- He also holds 557 restricted stock units and 1,038 restricted stock units, and 590 dividend equivalent units.
- The filing also corrects an error in a previous Form 4 filed on December 21, 2023, which overstated the number of dividend equivalent units beneficially owned.
Sentiment
Score: 5
Explanation: This is a neutral report of stock transactions, with no inherent positive or negative implications for the company's performance.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Key Dates
| Date | Description |
|---|---|
| 12/21/2023 | Date of previous Form 4 filing that contained an error regarding dividend equivalent units. |
| 03/09/2022 | First vesting date for 1,927 Restricted Stock Units vesting in three equal installments on March 9, 2022, 2023 and 2024. |
| 03/09/2023 | First vesting date for 556 Restricted Stock Units vesting in three equal installments on March 9, 2023, 2024 and 2025. |
| 03/09/2024 | Date of the reported transactions, including vesting of restricted stock units and tax withholdings. |
| 03/09/2025 | Second vesting date for 556 Restricted Stock Units vesting in three equal installments on March 9, 2023, 2024 and 2025. |
| 03/09/2026 | Third vesting date for 518 Restricted Stock Units vesting in three equal installments on March 9, 2024, 2025 and 2026. |
| 03/12/2024 | Date of the Form 4 filing. |
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