Form 4: Dayforce Executive Stephen Holdridge Reports Stock Transactions
SEC Form 4 Filing
Stephen Holdridge, President of Customer & Revenue Operations at Dayforce, Inc., reports the forfeiture and issuance of common stock related to vesting restricted stock units and performance stock units to cover withholding taxes.
Summary
- On February 28, 2024, Stephen Holdridge, President of Customer & Revenue Operations at Dayforce, Inc., reported transactions involving Dayforce's common stock.
- These transactions involved the forfeiture of shares to cover withholding taxes related to the vesting of restricted stock units (RSUs) and performance stock units (PSUs).
- Specifically, 4,123 shares were forfeited from the vesting of 9,141 RSU shares, 1,216 shares were forfeited from the vesting of 2,696 PSU shares, and 3,351 shares were forfeited from the vesting of 7,428 PSU shares, all at a price of $71.05 per share.
- Following these transactions, Holdridge directly owns 67,127 shares of Dayforce common stock.
- Holdridge also holds options to buy 65,547 shares of common stock at an exercise price of $70.73, as well as various performance units that will convert into common stock upon vesting.
Sentiment
Score: 5
Explanation: This is a neutral regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment about the company's performance or future prospects.
Future Outlook
The document outlines future vesting dates for RSUs and PSUs, indicating potential future issuances of common stock to the reporting person.
Industry Context
This Form 4 filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their stock transactions. It's common for executives to receive stock-based compensation and to have shares withheld to cover taxes upon vesting.
Comparison to Industry Standards
- Stock-based compensation is a common practice in the tech industry, used to align executive incentives with company performance.
- Companies like Salesforce, Workday, and Oracle also utilize RSUs and PSUs as part of their compensation packages.
- The vesting schedules and performance metrics associated with these awards vary by company and executive level.
Stakeholder Impact
- The transactions reported may have a minor dilutive effect on existing shareholders due to the issuance of new shares upon vesting of RSUs and PSUs.
- The forfeiture of shares to cover taxes does not directly impact stakeholders.
Key Dates
| Date | Description |
|---|---|
| 03/08/2021 | Grant date of RSUs, of which 3,088 shares vest on March 8, 2024. |
| 02/24/2022 | Grant date of RSUs, of which 7,059 shares vest on February 24, 2025. |
| 02/28/2023 | Grant date of RSUs and PSUs, with vesting dates on February 28, 2024, February 28, 2025, and February 28, 2026. |
| 02/28/2024 | Date of reported transactions: forfeiture of shares for tax withholding and vesting of RSUs and PSUs. |
| 03/01/2024 | Date of signature for the Form 4 filing. |
| 03/08/2024 | Vesting date of 3,088 shares of Common Stock issuable pursuant to RSUs granted on March 8, 2021. |
| 02/24/2025 | Vesting date of 5,880 PSUs granted on February 24, 2022. |
| 02/24/2025 | Vesting date of 7,059 shares of Common Stock issuable pursuant to RSUs granted on February 24, 2022. |
| 02/28/2025 | Vesting date of 9,141 shares of Common Stock issuable pursuant to RSUs granted on February 28, 2023. |
| 02/28/2026 | Vesting date of 9,141 shares of Common Stock issuable pursuant to RSUs granted on February 28, 2023. |
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