Form 4: Fresh Del Monte Produce Inc. Executive Reports Changes in Beneficial Ownership
SEC Form 4
Jesus Rodriguez Calvo, SVP of NA Sales & Marketing at Fresh Del Monte Produce Inc., reports transactions involving dividend equivalent units, restricted stock units, and performance stock units.
Summary
- Jesus Rodriguez Calvo, SVP of NA Sales & Marketing at Fresh Del Monte Produce Inc., filed a Form 4 detailing changes in beneficial ownership.
- The report includes the acquisition of 147.9355 dividend equivalent units (DEUs) on June 7, 2024, resulting from dividend equivalents accrued on outstanding restricted stock units (RSUs) and performance stock units (PSUs).
- Calvo directly owns 459.2106 DEUs.
- The report also mentions holdings of 900 RSUs awarded on December 1, 2020, vesting in installments, with the remaining vesting occurring on December 1, 2024.
- Additionally, Calvo holds 2,210 RSUs awarded on March 2, 2023, vesting in installments on March 2, 2025, and March 2, 2026.
- The report includes 1,346.8982 performance stock units (PSUs) awarded on June 15, 2022, which have met the minimum performance criteria at 97.3% and vest in installments, with the remaining vesting on March 2, 2025.
- Calvo also holds 8,617 PSUs awarded on March 1, 2024, subject to meeting minimum performance criteria and vesting in installments on March 1, 2025, March 1, 2026, and March 1, 2027.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing detailing executive stock transactions. It doesn't contain overtly positive or negative information, but the continued vesting of stock options and units suggests ongoing alignment of interests.
Positives
- The acquisition of dividend equivalent units indicates continued investment in the company by the executive.
- The vesting schedules of RSUs and PSUs incentivize long-term performance and retention of the executive.
Industry Context
Executive compensation and stock ownership are standard practices in publicly traded companies to align management's interests with those of shareholders. Form 4 filings are a routine part of this process, providing transparency into executive stock transactions.
Stakeholder Impact
- Shareholders can monitor executive compensation and alignment of interests through these filings.
- Employees may be interested in the vesting schedules of RSUs and PSUs as benchmarks for their own compensation packages.
Key Dates
| Date | Description |
|---|---|
| 12/1/2020 | Date of RSU award, vesting in five equal installments over four years, with the remaining vesting on 12/1/2024. |
| 6/15/2022 | Date of PSU award, earned subject to meeting minimum performance criteria (97.3%), vesting in three equal annual installments, with the remaining vesting on 3/2/2025. |
| 3/2/2023 | Date of RSU award, vesting in three equal installments over three years, with remaining vestings on 3/2/2025 and 3/2/2026. |
| 3/1/2024 | Date of PSU award, subject to meeting minimum performance criteria, vesting in three equal annual installments on 3/1/2025, 3/1/2026 and 3/1/2027. |
| 6/7/2024 | Transaction date for the acquisition of dividend equivalent units. |
| 12/1/2024 | Remaining vesting date for RSUs awarded on 12/1/2020. |
| 3/2/2025 | Remaining vesting date for PSUs awarded on 6/15/2022 and RSUs awarded on 3/2/2023. |
| 3/1/2025 | Vesting date for PSUs awarded on 3/1/2024. |
| 3/1/2026 | Vesting date for PSUs awarded on 3/1/2024. |
| 3/2/2026 | Remaining vesting date for RSUs awarded on 3/2/2023. |
| 3/1/2027 | Vesting date for PSUs awarded on 3/1/2024. |
| 06/11/2024 | Date of signature for the report. |
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