Form 4: EnerSys EVP Andrea J. Funk Receives Stock Units Following Dividend Payment
SEC Form 4
Andrea J. Funk, EVP & Chief Financial Officer of EnerSys, reports the acquisition of stock units related to previously granted restricted stock units (RSUs) following a cash dividend payment.
Summary
- On March 29, 2024, Andrea J. Funk, EVP & Chief Financial Officer of EnerSys, acquired additional shares of common stock in the form of Restricted Stock Units (RSUs).
- These RSUs were granted in connection with a cash dividend paid to stockholders of record as of March 15, 2024.
- The RSUs relate to previously granted unvested RSUs from August 2020, August 2021, August 2022 and August 2023.
- A total of 26,723.8649 shares are now beneficially owned directly by Ms. Funk following the reported transactions.
Sentiment
Score: 7
Explanation: The document reflects a routine transaction related to executive compensation and dividend payments, indicating a neutral to slightly positive sentiment as it aligns executive interests with shareholders.
Positives
- The receipt of RSUs as a result of the dividend payment does not represent a cash outlay for the reporting person.
- The increased share ownership aligns the executive's interests with those of the shareholders.
Industry Context
This type of equity grant related to dividend payments is a fairly standard practice to ensure that executives holding unvested equity awards are not negatively impacted by the dividend distribution to common shareholders.
Comparison to Industry Standards
- Many companies in the technology and manufacturing sectors use RSUs as part of their executive compensation packages.
- The specific number of RSUs granted in relation to the dividend is company-specific and depends on the dividend policy and the terms of the equity compensation plans.
- Companies like Tesla, Apple, and General Electric also use RSUs as part of their compensation strategy.
Stakeholder Impact
- The transaction has a neutral impact on shareholders, as it is related to the dividend payment.
- The transaction has a positive impact on the executive, as it maintains the value of their unvested equity awards.
Key Dates
| Date | Description |
|---|---|
| 08/17/2020 | Date of original grant of 928 unvested RSUs |
| 08/16/2021 | Date of original grant of 2,668 unvested RSUs |
| 08/12/2022 | Date of original grant of 6,481 unvested RSUs |
| 08/11/2023 | Date of original grant of 6,467 unvested RSUs |
| 03/15/2024 | Record date for the cash dividend |
| 03/29/2024 | Transaction date: Grant of RSUs in connection with the cash dividend |
| 04/02/2024 | Date of signature of the Form 4 filing |
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