4/A: DiamondRock Hospitality CEO Amends Filing to Correct Tax Withholding Miscalculation
SEC Filing (Form 4/A)
Mark W. Brugger, CEO of DiamondRock Hospitality, amends a previous SEC Form 4 filing to correct the number of shares disposed of due to a miscalculation of taxes withheld.
Summary
- This is an amended SEC Form 4 filing by Mark W. Brugger, the President and CEO of DiamondRock Hospitality Co.
- The original filing, dated February 29, 2024, contained an error in the number of shares disposed of due to a miscalculation of taxes withheld.
- The corrected filing, dated February 27, 2024, shows that Brugger acquired 157,347 shares of common stock for $0 related to performance stock units.
- It also shows the disposition of 152,360 shares at a price of $9.18, with the corrected amount of shares beneficially owned following the transaction being 2,415,321.7801.
- The amendment clarifies the accurate number of shares disposed of to reflect the correct tax withholding.
Sentiment
Score: 7
Explanation: The document is a routine correction of a previous filing. It doesn't indicate any significant positive or negative developments for the company, but accuracy in reporting is always viewed favorably.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in the hospitality industry and other publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages including stock options and performance-based units are standard practice among publicly listed hospitality companies such as Marriott International (MAR), Hilton Worldwide Holdings (HLT), and Hyatt Hotels Corporation (H).
- These companies also regularly file SEC Forms 3, 4, and 5 to report changes in beneficial ownership by their executives and directors.
- The specific number of shares and the vesting schedules vary based on individual performance and company policies, but the overall structure is consistent across the industry.
Stakeholder Impact
- The correction of the filing ensures transparency for shareholders regarding executive stock ownership.
- Accurate reporting helps maintain investor confidence.
Key Dates
| Date | Description |
|---|---|
| 02/27/2024 | Date of the stock transaction (acquisition and disposition). |
| 02/29/2024 | Date of the original Form 4 filing with the incorrect information. |
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