Form 4: Cognizant Executive Surya Gummadi Reports Changes in Beneficial Ownership
SEC Form 4 Filing
EVP and President, Americas, Surya Gummadi, reports transactions involving Cognizant Technology Solutions Corp. Class A Common Stock related to vesting of restricted stock units.
Summary
- On March 1, 2024, Surya Gummadi, EVP and President, Americas, of Cognizant Technology Solutions Corp., reported changes in beneficial ownership of the company's Class A Common Stock.
- These changes are due to the vesting of restricted stock units (RSUs) granted on March 1, 2022, under the company's 2017 Incentive Award Plan.
- Specifically, 367 shares vested from an RSU award, and 380 shares vested from another RSU award.
- Additionally, 254 shares were withheld to cover applicable taxes at a price of $78.61.
- Following these transactions, Gummadi directly owns 22,239 shares of Class A Common Stock, 1,468 restricted stock units from one grant and 762 restricted stock units from another grant.
Sentiment
Score: 5
Explanation: This is a routine filing related to executive compensation. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Positives
- The vesting of RSUs indicates that performance milestones or time-based vesting requirements have been met.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The vesting of RSUs dilutes existing shareholders' equity slightly.
Key Dates
| Date | Description |
|---|---|
| 2022-03-01 | Date of original RSU grants under the 2017 Incentive Award Plan. |
| 2022-06-01 | Commencement date for quarterly vesting of the RSUs. |
| 2024-03-01 | Date of the reported transactions (vesting of RSUs and tax withholding). |
| 2024-03-05 | Date of signature on the Form 4 filing. |
| 2025-03-01 | Final vesting date for the RSUs. |
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