Form 4: Enact Holdings Board Chair Receives and Transfers Deferred Stock Units

Enact Holdings' Board Chairperson, Dominic James Addesso, received and subsequently transferred 17,000 deferred stock units to a trust controlled by his spouse.

Summary

• Dominic James Addesso, the Chairperson of the Board at Enact Holdings, received 17,000 deferred stock units.
• These deferred stock units were initially gifted to Deborah Addesso, his spouse, as Trustee of the Dominic Addesso Exempt Irrevocable Trust.
• The trust then assigned these units to D.J. Addesso Holdings, LLC, a limited liability company controlled by Mr. Addesso.
• The deferred stock units will become payable in shares of common stock one year after Mr. Addesso's termination of service as a director.

Sentiment

Score: 7

Explanation: The document describes a routine transaction related to director compensation, which is generally neutral to positive. The transfer to a trust is a common practice for estate planning.

Future Outlook

The deferred stock units will convert to common stock one year after Mr. Addesso's departure from the board.

Industry Context

This type of stock grant is a common form of compensation for board members in publicly traded companies.

Comparison to Industry Standards

• Deferred stock units are a standard method of compensating board members, aligning their interests with the long-term performance of the company.
• The vesting period of one year after termination of service is also a common practice to ensure continued engagement and commitment from directors.

Related Party Transactions

• The transfer of deferred stock units to Deborah Addesso, the spouse of Dominic James Addesso, as Trustee of the Dominic Addesso Exempt Irrevocable Trust, is a related party transaction.
• The subsequent assignment of these units to D.J. Addesso Holdings, LLC, controlled by Mr. Addesso, is also a related party transaction.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it involves the issuance of shares in the future.
• The transaction is part of the compensation package for a key member of the board.

Key Dates

Keywords

Deferred Stock Units, Enact Holdings, Board Chairperson, Dominic James Addesso, Stock Transfer, Director Compensation