Form 4: Evertec Executive Paola Perez-Surillo Reports Stock Transactions Following RSU Vesting
SEC Form 4 Filing
Executive Vice President Paola Perez-Surillo reports acquisition and disposal of Evertec, Inc. shares related to vesting of performance-based restricted stock units and tax liability coverage.
Summary
- Paola Perez-Surillo, an Executive Vice President at EVERTEC, Inc., reported transactions involving the company's common stock on March 7, 2024.
- She acquired 13,124 shares at $36.92 per share due to the vesting of performance-based restricted stock units (RSUs) granted on March 2, 2021, which were earned based on the company's achievement of an adjusted EBITDA target for 2021, subject to a total shareholder return modifier over a three-year performance period.
- Simultaneously, she disposed of 4,844 shares at $36.92 per share to cover tax liabilities associated with the vesting of RSUs granted on March 2, 2021, February 25, 2022, August 5, 2022, and February 24, 2023.
- Following these transactions, Perez-Surillo beneficially owns 54,811 shares of EVERTEC, Inc. common stock.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about insider trading activity.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into insider transactions and aligns executive incentives with company performance.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies, ensuring transparency in insider trading.
- The vesting of RSUs based on EBITDA targets and shareholder return is a common compensation strategy to align executive interests with company performance, similar to practices at companies like Global Payments Inc. and Fiserv Inc.
Stakeholder Impact
- Shareholders gain insight into executive compensation and stock ownership.
- Employees may be interested in the details of RSU vesting and its connection to company performance.
Key Dates
| Date | Description |
|---|---|
| 03/02/2021 | Date of original grant of performance-based restricted stock units (RSUs). |
| 02/25/2022 | Date of original grant of performance-based restricted stock units (RSUs). |
| 08/05/2022 | Date of original grant of performance-based restricted stock units (RSUs). |
| 02/24/2023 | Date of original grant of performance-based restricted stock units (RSUs). |
| 03/07/2024 | Date of stock transaction (acquisition and disposal). |
| 03/11/2024 | Date of signature on the Form 4 filing. |
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