Form 4: Cognex CEO Robert Willett Reports Stock Option and Restricted Stock Unit Grants
SEC Form 4
Cognex CEO Robert Willett reports the acquisition of stock options and restricted stock units, along with holdings in common stock through a trust.
Summary
- Robert Willett, CEO and President of Cognex Corp, filed a Form 4 detailing changes in beneficial ownership.
- The report includes the acquisition of 193,201 non-qualified stock options with an exercise price of $33.04, vesting annually from February 18, 2026, and expiring on February 18, 2035.
- Willett also acquired 70,824 restricted stock units, each representing a contingent right to receive one share of Cognex common stock, vesting over three years from February 18, 2026 to February 18, 2028.
- The report also shows Willett beneficially owns 15,804 shares of common stock indirectly through a trust.
Sentiment
Score: 7
Explanation: The document reflects a standard executive compensation practice, indicating confidence in the company's future performance. The sentiment is neutral to positive.
Positives
- The granting of stock options and restricted stock units to the CEO aligns his interests with those of the shareholders.
- The vesting schedules of the options and restricted stock units incentivize long-term performance.
Industry Context
Granting stock options and restricted stock units is a common practice in the technology industry to incentivize executives and align their interests with shareholders.
Comparison to Industry Standards
- Companies like Keyence, Omron, and Teledyne Technologies also utilize stock options and restricted stock units as part of their executive compensation packages.
- The vesting schedules and exercise prices are generally in line with industry standards for companies of similar size and market capitalization.
Stakeholder Impact
- The granting of stock options and restricted stock units can positively impact shareholder value by aligning management's interests with those of the shareholders.
- Employees may view the grants as a positive sign of the company's commitment to its leadership.
Key Dates
| Date | Description |
|---|---|
| August 2, 2010 | Date of Willett Parkhill Investment Trust |
| February 21, 2018 | Date of Non-Qualified Stock Option (right to buy) |
| February 19, 2020 | Date of Non-Qualified Stock Option (right to buy) |
| February 18, 2021 | Date of Non-Qualified Stock Option (right to buy) |
| February 16, 2022 | Date of Non-Qualified Stock Option (right to buy) |
| February 22, 2023 | Date of Non-Qualified Stock Option (right to buy) |
| February 21, 2024 | Date of Non-Qualified Stock Option (right to buy) |
| February 18, 2025 | Date of transaction, grant of stock options and restricted stock units |
| February 20, 2025 | Date of Non-Qualified Stock Option (right to buy) |
| February 18, 2026 | First vesting date for stock options and restricted stock units |
| February 21, 2027 | Expiration date of Non-Qualified Stock Option (right to buy) |
| February 20, 2028 | Expiration date of Non-Qualified Stock Option (right to buy) |
| February 19, 2029 | Expiration date of Non-Qualified Stock Option (right to buy) |
| February 18, 2030 | Expiration date of Non-Qualified Stock Option (right to buy) |
| February 16, 2031 | Expiration date of Non-Qualified Stock Option (right to buy) |
| February 22, 2032 | Expiration date of Non-Qualified Stock Option (right to buy) |
| February 21, 2033 | Expiration date of Non-Qualified Stock Option (right to buy) |
| February 20, 2034 | Expiration date of Non-Qualified Stock Option (right to buy) |
| February 18, 2035 | Expiration date for stock options granted on February 18, 2025 |
Keywords
Form 4, Cognex, Stock Options, Restricted Stock Units, Beneficial Ownership, Robert Willett, CGNX
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