Form 4: Fresh Del Monte Produce Inc. Executive Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Mohammed Abbas, Chief Operating Officer of Fresh Del Monte Produce Inc., reports changes in beneficial ownership of company stock, including acquisitions of dividend equivalent units and holdings of restricted and performance stock units.
Summary
- On September 6, 2024, Mohammed Abbas, the Chief Operating Officer of Fresh Del Monte Produce Inc., filed a Form 4 to report changes in his beneficial ownership of the company's securities.
- The report indicates that Abbas acquired 541.1901 dividend equivalent units (DEUs) related to outstanding restricted stock units (RSUs) and performance stock units (PSUs).
- Abbas directly owns 29,945 ordinary shares.
- He also holds various restricted stock units (RSUs) and performance stock units (PSUs) that convert to ordinary shares on a one-for-one basis.
- These RSUs and PSUs were awarded on different dates and vest over three-year periods, with some vesting already completed and others scheduled for future dates.
- The PSUs are subject to meeting minimum performance criteria, which have been met at varying percentages for different grants.
- PSUs and associated DEUs will settle on the six-month anniversary after termination of employment.
Sentiment
Score: 5
Explanation: This is a routine filing, so the sentiment is neutral. It simply reflects changes in ownership due to vesting of stock options and dividend equivalents.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders and their alignment with shareholder interests.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the executive's stake in the company.
- It assures stakeholders that the COO's interests are aligned with theirs through equity ownership.
Key Dates
| Date | Description |
|---|---|
| 2/24/2016 | PSUs were awarded subject to meeting minimum performance criteria, which was met at 100%. |
| 2/22/2017 | PSUs were awarded subject to meeting minimum performance criteria, which was met at 88.8%. |
| 2/20/2019 | PSUs were awarded subject to meeting minimum performance criteria, which was met at 100%. |
| 3/2/2020 | PSUs were awarded subject to meeting minimum performance criteria which was met at 83%. |
| 3/1/2021 | PSUs were awarded subject to meeting minimum performance criteria which was met at 91%. |
| 6/15/2022 | RSUs and PSUs were awarded. |
| 3/2/2023 | RSUs were awarded. |
| 3/1/2024 | PSUs were awarded and are earned subject to meeting minimum performance criteria. |
| 09/06/2024 | Date of the reported transaction. |
| 09/10/2024 | Date of signature on the Form 4 filing. |
| 3/2/2025 | Remaining vesting date for RSUs awarded on 6/15/2022. |
| 3/2/2025 | Remaining vesting date for RSUs awarded on 3/2/2023. |
| 3/1/2025 | First vesting date for PSUs awarded on 3/1/2024. |
| 3/2/2026 | Remaining vesting date for RSUs awarded on 3/2/2023. |
| 3/1/2026 | Second vesting date for PSUs awarded on 3/1/2024. |
| 3/1/2027 | Final vesting date for PSUs awarded on 3/1/2024. |
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