Form 4: Cognizant Executive Surya Gummadi Settles Performance Stock Units
SEC Form 4 Filing
EVP and President, Americas, Surya Gummadi, settled performance-based stock units into Class A Common Stock and disposed of shares to cover tax obligations.
Summary
- On March 15, 2024, Surya Gummadi, EVP and President, Americas at Cognizant Technology Solutions Corp, settled performance-based stock units (PSUs) originally granted on February 23, 2021, and May 17, 2021, under the company's 2017 Incentive Award Plan.
- A portion of the performance conditions were determined to be satisfied on February 28, 2024, leading to the vesting and settlement of 2,194 and 2,910 PSUs into Class A Common Stock.
- Gummadi also disposed of 1,694 shares of Class A Common Stock at a price of $75.33 to cover applicable taxes.
- Following these transactions, Gummadi beneficially owns 25,649 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: This is a routine filing related to executive compensation. It doesn't indicate any significant positive or negative sentiment.
Industry Context
Form 4 filings are standard disclosures required by the SEC to provide transparency into the transactions of company insiders, allowing investors to track executive compensation and ownership changes.
Stakeholder Impact
- The transaction provides transparency to shareholders regarding executive compensation and ownership.
Key Dates
| Date | Description |
|---|---|
| February 23, 2021 | Original grant date of performance-based stock units (PSUs). |
| May 17, 2021 | Original grant date of performance-based stock units (PSUs). |
| February 28, 2024 | Date a portion of the performance conditions were determined to be satisfied. |
| March 15, 2024 | Date of transaction: settlement of PSUs into Class A Common Stock and disposal of shares for tax obligations. |
| March 19, 2024 | Date of signature for the Form 4 filing. |
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