Form 4: Blackbaud EVP Kevin P. Gregoire Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Kevin P. Gregoire, EVP and Chief Operating Officer of Blackbaud Inc., reports changes in beneficial ownership of company stock due to vesting of performance restricted stock units and forfeiture of shares for tax liabilities.
Summary
- On February 26, 2024, Kevin P. Gregoire, EVP and Chief Operating Officer of Blackbaud Inc., reported changes in his beneficial ownership of Blackbaud stock.
- 5,344 shares were acquired due to the vesting of performance restricted stock units (PRSUs) granted on February 24, 2022, based on the company achieving performance goals for the period ended December 31, 2023.
- A total of 6,212 shares were forfeited to the issuer to cover tax liabilities associated with the vesting of PRSUs and restricted stock granted on February 24, 2022.
- Following these transactions, Gregoire directly owns 136,641 shares of Blackbaud common stock.
Sentiment
Score: 6
Explanation: Neutral sentiment. This is a standard SEC filing related to executive compensation. The vesting of PRSUs suggests the company met certain performance goals, which is mildly positive, but the forfeiture of shares is a neutral event.
Positives
- The vesting of PRSUs indicates that Blackbaud achieved certain performance goals for the period ended December 31, 2023.
Future Outlook
The remaining PRSUs granted on February 24, 2022, will vest dependent on the achievement of performance goals for the period ended December 31, 2024, subject to continued employment.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common for publicly traded companies. It provides transparency into the equity-based compensation of key executives.
Stakeholder Impact
- Shareholders may view the vesting of PRSUs as a positive sign, indicating the company achieved certain performance targets.
- The transactions have a minor impact on the total number of outstanding shares.
Key Dates
| Date | Description |
|---|---|
| 02/24/2022 | Date of original grant of performance restricted stock units (PRSUs) and restricted stock. |
| 12/31/2023 | End of performance period for a portion of the PRSUs that vested. |
| 02/26/2024 | Date of transaction: vesting of PRSUs and forfeiture of shares for tax liabilities. |
| 02/28/2024 | Date of signature on the Form 4 filing. |
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