Form 4: Dayforce EVP Christopher Armstrong Reports Changes in Beneficial Ownership
SEC Form 4
Christopher Armstrong, EVP and Chief Operating Officer of Dayforce, Inc., reports transactions involving common stock and performance units, resulting in adjustments to his beneficial ownership.
Summary
- On February 24, 2024, Christopher Armstrong, EVP and Chief Operating Officer of Dayforce, Inc., reported changes in his beneficial ownership of Dayforce's common stock and derivative securities.
- These changes involve the vesting of restricted stock units (RSUs) and performance stock units (PSUs), as well as the forfeiture of shares to cover withholding taxes.
- Armstrong forfeited 2,208 shares of common stock at a price of $71.42 to cover taxes related to the vesting of 7,059 shares from an RSU award granted on February 24, 2022.
- 5,880 PSUs vested on February 24, 2024, converting into 5,880 shares of common stock, with 1,800 shares forfeited at $71.42 to cover withholding taxes.
- Following these transactions, Armstrong directly owns 130,981 shares of common stock.
- Armstrong also holds options to purchase 107,244 shares of common stock at $65.26, which vest on May 8, 2024.
- He also holds performance units which will convert to common stock on various dates in the future.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about changes in ownership.
Positives
- The vesting of RSUs and PSUs indicates that Armstrong is receiving compensation tied to the company's performance.
- Armstrong continues to hold a significant number of shares and options, aligning his interests with those of shareholders.
Future Outlook
The document indicates future vesting dates for RSUs and PSUs, suggesting continued equity-based compensation for the reporting person.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into the holdings and transactions of company insiders. This filing is typical for executives receiving equity-based compensation.
Comparison to Industry Standards
- Equity compensation is a standard practice among publicly traded companies to align executive interests with shareholder value.
- Companies like Workday, Oracle, and SAP also utilize RSUs and PSUs as part of their executive compensation packages.
- The vesting schedules and performance metrics associated with PSUs are generally aligned with long-term strategic goals and shareholder returns, similar to industry peers.
Stakeholder Impact
- The transactions may have a minor impact on shareholders by slightly increasing the number of outstanding shares.
- The vesting of equity-based compensation incentivizes the executive to work towards the company's success, benefiting shareholders in the long run.
Key Dates
| Date | Description |
|---|---|
| 03/08/2021 | Grant date of restricted stock units (RSUs) that vest on March 8, 2024. |
| 02/24/2022 | Grant date of restricted stock units (RSUs) and performance stock units (PSUs) that vested on February 24, 2024. |
| 02/28/2023 | Grant date of restricted stock units (RSUs) and performance stock units (PSUs) that vest on February 28, 2024, February 28, 2025 and February 28, 2026. |
| 02/24/2024 | Date of transaction: Vesting of RSUs and PSUs, and forfeiture of shares for tax withholding. |
| 02/27/2024 | Date of signature for the Form 4 filing. |
| 03/08/2024 | Vesting date of 6,177 shares of Common Stock issuable pursuant to restricted stock units (RSUs), granted on March 8, 2021. |
| 05/08/2024 | Vesting date of 26,811 options that vest and become exercisable on May 8, 2024. |
| 02/24/2025 | Vesting date of 7,059 shares of Common Stock issuable pursuant to restricted stock units (RSUs), granted on February 24, 2022. |
| 02/28/2025 | Vesting date of 9,141 shares of Common Stock issuable pursuant to restricted stock units (RSUs), granted on February 28, 2023. |
| 02/28/2026 | Vesting date of 9,141 shares of Common Stock issuable pursuant to restricted stock units (RSUs), granted on February 28, 2023. |
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