4/A: Daktronics VP of Manufacturing Amends SEC Filing to Correct Derivative Security Details
SEC Form 4/A
Matthew Kurtenbach, VP of Manufacturing at Daktronics, files an amendment to a previous SEC Form 4 to correct the number of securities underlying a derivative security.
Summary
- Matthew John Kurtenbach, VP of Manufacturing at Daktronics Inc., filed an amended Form 4 with the SEC on September 12, 2024, to correct an error in a previous filing from September 11, 2024.
- The amendment pertains to the number of securities underlying a derivative security (Incentive Stock Options).
- The corrected filing shows Kurtenbach beneficially owns 21,286 shares of Daktronics common stock directly.
- He also holds 2,270 Restricted Stock Units (RSUs), each representing the right to receive one share of Daktronics common stock, and Incentive Stock Options.
- The RSUs vest 20% each year for five years, starting on August 23, 2025.
- The Incentive Stock Options vest 20% each year for five years, starting on August 23, 2025.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing correcting a minor error. It doesn't contain any information that would significantly impact investor sentiment positively or negatively. The sentiment is neutral to slightly positive due to the transparency of correcting the error.
Industry Context
This filing is a routine disclosure related to executive compensation and holdings, typical for publicly traded companies like Daktronics. It provides transparency into the equity-based compensation of key personnel.
Comparison to Industry Standards
- Executive compensation packages, including stock options and restricted stock units, are standard practice among publicly traded companies to align management interests with shareholder value.
- Vesting schedules of 20% per year over five years are a common structure for equity grants, designed to incentivize long-term commitment.
- Companies like Analog Devices, Texas Instruments, and Cree (now Wolfspeed) also utilize similar equity compensation strategies for their executives.
Stakeholder Impact
- The correction of the filing ensures accurate information is available to shareholders and potential investors.
Key Dates
| Date | Description |
|---|---|
| 09/09/2024 | Date of transaction for Incentive Stock Options and Restricted Stock Units |
| 09/11/2024 | Date of original Form 4 filing with incorrect information |
| 09/12/2024 | Date of amended Form 4/A filing |
| 08/23/2025 | First vesting date for 20% of Incentive Stock Options and Restricted Stock Units |
| 08/23/2026 | Second vesting date for 20% of Incentive Stock Options |
| 08/23/2027 | Third vesting date for 20% of Incentive Stock Options |
| 08/23/2028 | Fourth vesting date for 20% of Incentive Stock Options |
| 08/23/2029 | Fifth vesting date for 20% of Incentive Stock Options |
| 09/08/2034 | Expiration date for Incentive Stock Options |
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