Form 4: Dayforce EVP, CPTO Joseph Korngiebel Reports Changes in Beneficial Ownership
SEC Form 4
Joseph Korngiebel, EVP, CPTO of Dayforce, Inc., reports transactions involving common stock and performance units, including acquisitions, disposals, and vesting of awards.
Summary
- On February 24, 2024, Joseph Korngiebel, EVP, CPTO of Dayforce, Inc., reported changes in beneficial ownership.
- These changes involve common stock and derivative securities, specifically performance units (PSUs) and restricted stock units (RSUs).
- The transactions include the vesting of 7,059 shares of common stock from an RSU award, with 2,567 shares forfeited for tax withholding and 4,492 shares issued to Korngiebel.
- Additionally, 5,880 PSUs vested, converting into 5,880 shares of common stock, with 2,098 shares forfeited for tax withholding and 3,782 shares issued to Korngiebel.
- Korngiebel's total direct holdings after these transactions amount to 124,072 shares of common stock.
- He also holds performance units that will vest in the future, contingent on company performance.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, with no inherent positive or negative sentiment. It's a factual report of ownership changes.
Future Outlook
The reporting person holds additional RSUs and PSUs that will vest in the future, contingent on continued employment and/or company performance.
Industry Context
This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies. It provides transparency to investors regarding the holdings and transactions of company insiders.
Comparison to Industry Standards
- Executive compensation packages often include a mix of salary, bonus, stock options, and restricted stock units.
- The vesting schedules and performance-based conditions of the PSUs are typical for aligning executive incentives with company goals.
- Tax withholding practices related to equity awards are standard across publicly traded companies.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they primarily reflect internal compensation arrangements.
- Shareholders may view the filing as part of the overall executive compensation structure and its alignment with company performance.
Next Steps
- The reporting person will continue to hold and potentially trade Dayforce, Inc. securities.
- Future vesting of RSUs and PSUs will occur based on the terms of the award agreements.
Key Dates
| Date | Description |
|---|---|
| 03/08/2021 | Date of RSU grant, of which 6,177 shares vest on March 8, 2024 |
| 02/24/2022 | Date of RSU and PSU grants, of which 7,059 RSU shares vest on February 24, 2025 |
| 02/24/2024 | Date of reported transactions: vesting of RSUs and PSUs, forfeiture of shares for tax withholding |
| 02/28/2023 | Date of RSU and PSU grants, of which 9,141 RSU shares vest on each of February 28, 2024, February 28, 2025 and February 28, 2026 |
| 02/28/2023 | Date of PSU grants, of which 2,369 shares vest on February 28, 2024 |
| 02/28/2023 | Date of PSU grants, of which 7,428 shares vest on February 28, 2024 |
| 03/08/2024 | Vesting date of 6,177 PSUs granted on March 8, 2021 |
| 02/24/2025 | Vesting date of 7,059 RSU shares granted on February 24, 2022 |
| 02/28/2025 | Vesting date of 9,141 RSU shares granted on February 28, 2023 |
| 02/28/2026 | Vesting date of 9,141 RSU shares granted on February 28, 2023 |
| 02/28/2026 | PSUs will only vest if the achievement of the performance metric under the PSU award agreement is certified to have been met by the Compensation Committee or the Board of Directors of the Company, and then any such certified amount will vest on February 28, 2026. |
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