Form 4: Extra Space Storage EVP & COO Matthew Herrington Reports Stock Transactions
SEC Form 4
Matthew Herrington, EVP & COO of Extra Space Storage Inc., reports acquisition and disposal of company stock, including vesting of performance stock units and shares withheld for tax liabilities.
Summary
- Matthew Herrington, EVP & COO of Extra Space Storage Inc., filed a Form 4 detailing changes in beneficial ownership.
- On March 1, 2024, Herrington acquired 1,830 shares of common stock at $143.36 per share upon the vesting of performance stock units (PSUs) granted on February 16, 2021.
- These PSUs vested based on the company's performance over the three-year period ending December 31, 2023, and were approved for vesting by the Compensation Committee on February 21, 2024.
- Also on March 1, 2024, he acquired 3,488 shares of common stock at $143.36 per share related to restricted stock awards.
- The report also indicates the disposal of 156 and 270 shares on March 1, 2024, at $143.36 per share, to cover tax liabilities associated with the vesting of restricted stock awards.
- On March 4, 2024, Herrington disposed of 134 shares at $142.68 per share.
- Following these transactions, Herrington directly owns 10,825 shares and indirectly owns shares through a 401(k) plan.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the document simply reports stock transactions. There is no indication of positive or negative sentiment regarding the company's performance or future prospects.
Positives
- The vesting of performance stock units indicates that the company met certain performance objectives during the three-year performance period ending December 31, 2023.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, which is common in publicly traded companies. It provides transparency to investors regarding insider activity.
Comparison to Industry Standards
- Executive compensation packages often include stock options, restricted stock, and performance-based units to align management's interests with those of shareholders.
- Vesting schedules and performance metrics are typical components of these packages.
- Similar transactions are regularly reported by executives at comparable companies like Public Storage (PSA) and CubeSmart (CUBE).
Stakeholder Impact
- The transactions may have a minor impact on shareholders by slightly diluting the stock.
Key Dates
| Date | Description |
|---|---|
| 2021-02-16 | PSUs originally granted. |
| 2023-12-31 | End of the three-year performance period for PSUs. |
| 2024-02-21 | Compensation Committee approved the vesting of PSUs. |
| 2024-03-01 | Acquisition of 1,830 shares upon vesting of PSUs, acquisition of 3,488 shares related to restricted stock awards, and disposal of 156 and 270 shares for tax liabilities. |
| 2024-03-04 | Disposal of 134 shares. |
| 2024-03-05 | Date of report signature. |
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