Form 4: Flextronics Executive Hartung Disposes of Shares to Cover Tax Obligations After PSU Vesting
SEC Form 4
Chief Commercial Officer Michael P. Hartung of Flextronics International sold shares to cover tax obligations following the vesting of performance-based restricted share units (PSUs).
Summary
- Michael P. Hartung, Chief Commercial Officer of FLEX Ltd., reported changes in beneficial ownership of the company's ordinary shares.
- On May 9, 2025, Hartung acquired 69,130 shares upon the vesting of performance-based restricted share units (PSUs) awarded on June 1, 2022, contingent upon achieving a performance criterion over a three-year period ending March 31, 2025.
- On May 13, 2025, Hartung sold 32,173 shares at a weighted average price of $41.9889 to cover tax withholding obligations related to the PSU vesting.
- Following these transactions, Hartung directly owns 270,483 ordinary shares, including unvested restricted share units (RSUs) with various vesting schedules.
Sentiment
Score: 6
Explanation: The document primarily reflects routine executive stock transactions related to compensation. The vesting of PSUs suggests the achievement of performance goals, which is mildly positive. The sale of shares to cover taxes is neutral.
Positives
- The vesting of PSUs indicates that the company met certain performance criteria, which is a positive sign.
Future Outlook
The reporting person holds unvested RSUs that will vest at various dates in the future.
Industry Context
Executive stock transactions are common and often related to compensation and tax planning. The sale of shares to cover tax obligations is a routine practice.
Stakeholder Impact
- The transaction has a minimal impact on stakeholders as it is a routine sale of shares by an executive to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| June 1, 2022 | Reporting Person was awarded performance-based restricted share units (PSUs). |
| March 31, 2025 | End of the three-year performance period for the PSUs. |
| May 9, 2025 | PSUs fully vested. |
| May 13, 2025 | Shares sold to cover tax withholding obligations. |
| June 1, 2025 | 23,043 unvested restricted share units (RSUs) will vest. |
| June 12, 2025 | 28,151 unvested RSUs will vest in three equal annual installments beginning on this date. |
| June 14, 2025 | 29,149 unvested RSUs will vest in two equal annual installments beginning on this date. |
| August 15, 2025 | 15,797 unvested RSUs will vest in three equal annual installments beginning on this date. |
| September 25, 2027 | 72,578 unvested RSUs will vest. |
Keywords
FLEX, Hartung, PSU, RSU, Beneficial Ownership, Form 4, Flextronics, Shares, Vesting, Tax Obligations
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