4/A: Skyline Champion Corp: Executive VP, Operations, Joseph A. Kimmell, Amends Filing to Correctly Report Stock Unit Grants
SEC Filing (Form 4/A)
Joseph A. Kimmell, EVP of Operations at Skyline Champion Corp, files an amended Form 4/A to correct a computational error in the reporting of restricted stock units (RSUs) and performance-based restricted stock units (PRSUs) granted on March 29, 2024.
Summary
- Joseph A. Kimmell, EVP of Operations at Skyline Champion Corp, filed an amended Form 4/A with the SEC.
- The amendment corrects a computational error in the original filing from April 2, 2024.
- The filing reports the grant of 6,248 restricted stock units (RSUs) and 6,248 performance-based restricted stock units (PRSUs) on March 29, 2024, at a price of $85.01.
- Following the reported transactions, Kimmell beneficially owns 57,304 shares of Common Stock.
- The RSUs vest in three equal installments on the anniversaries of March 29, 2024, contingent upon continuous service.
- The vesting of PRSUs depends 60% on Skyline Champion Corp's total shareholder return relative to other companies from March 29, 2024, to March 29, 2027, and 40% on the company's market share of single-family completions as of January 31, 2026, also contingent upon continuous service.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing related to executive compensation. The correction of a computational error is a neutral event, and the overall sentiment is slightly positive due to the alignment of executive incentives with company performance.
Future Outlook
The vesting of the RSUs and PRSUs is contingent upon continued service and, in the case of PRSUs, on the company's performance relative to its peers and its market share.
Industry Context
This filing is a routine disclosure related to executive compensation and equity grants, common in publicly traded companies. It reflects the company's incentive structure for its executives.
Comparison to Industry Standards
- Equity compensation is a standard practice in publicly traded companies to align management's interests with those of shareholders.
- The vesting schedules and performance metrics (TSR and market share) are typical components of executive compensation plans.
- Comparing Skyline Champion's equity compensation practices with those of its peers (e.g., Cavco Industries, LCI Industries) would provide a more comprehensive assessment of its competitiveness.
Stakeholder Impact
- Shareholders: The corrected filing provides accurate information about executive compensation, which is relevant to shareholders.
- Employees: The filing provides transparency regarding the compensation structure for executives.
Key Dates
| Date | Description |
|---|---|
| 03/29/2024 | Date of the reported transactions (grant of RSUs and PRSUs) |
| 03/29/2024 | Vesting start date for RSUs and performance measurement start date for PRSUs |
| 04/02/2024 | Date of original filing that was amended |
| 01/31/2026 | Date for market share assessment related to PRSU vesting |
| 03/29/2027 | End date for total shareholder return performance measurement related to PRSU vesting |
| 04/25/2024 | Date of the amended filing (Form 4/A) |
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