Form 4: Digital Turbine Director Michelle Sterling Receives Stock Grant as Compensation
SEC Form 4 Filing
Michelle Sterling, a director at Digital Turbine, received a grant of 24,000 shares of restricted common stock as compensation for her services.
Summary
- Michelle Sterling, a director of Digital Turbine, Inc., received 24,000 shares of restricted common stock on July 31, 2024.
- The grant is part of her compensation for serving as a non-employee director from August 1, 2024, through July 31, 2025.
- The shares vest in four equal quarterly installments, starting October 31, 2024, and ending July 31, 2025.
- The last quarter of unvested shares will automatically vest if Sterling is not re-elected or nominated for re-election and the annual meeting occurs before the final vesting date.
- Sterling also indirectly owns 17,640 shares held in a trust, for which she disclaims beneficial ownership except to the extent of her pecuniary interest.
Sentiment
Score: 7
Explanation: The document reflects a standard compensation practice, indicating stability and alignment of interests. It's a neutral-positive signal.
Positives
- The stock grant aligns the director's interests with those of the shareholders.
- The vesting schedule incentivizes continued service on the board.
Future Outlook
The document does not contain any specific forward-looking statements regarding the company's future performance.
Industry Context
Stock grants are a common form of compensation for directors, aligning their interests with shareholders and incentivizing their service.
Comparison to Industry Standards
- Director compensation packages vary widely across the tech industry, but stock grants are a standard component.
- Comparable companies like ironSource or AppLovin often use similar equity-based compensation to attract and retain board members.
Stakeholder Impact
- Shareholders may view the stock grant positively as it aligns the director's interests with the company's performance.
- The director is incentivized to contribute to the company's success over the vesting period.
Key Dates
| Date | Description |
|---|---|
| 07/31/2024 | Date of transaction: Grant of restricted common stock. |
| 08/01/2024 | Start of service period for which the stock grant is compensation. |
| 10/31/2024 | First quarterly vesting date for the restricted stock. |
| 01/31/2025 | Second quarterly vesting date for the restricted stock. |
| 04/30/2025 | Third quarterly vesting date for the restricted stock. |
| 07/31/2025 | Final quarterly vesting date for the restricted stock and end of service period. |
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