Form 4: Fresh Del Monte Produce Inc. Executive Reports Changes in Beneficial Ownership
SEC Form 4
Jorge Pelaez Reyes, VP of Central America at Fresh Del Monte Produce Inc., reports changes in beneficial ownership of company stock due to dividend equivalent units and vesting of restricted and performance stock units.
Summary
- Jorge Pelaez Reyes, VP of Central America at Fresh Del Monte Produce Inc., filed a Form 4 detailing changes in beneficial ownership.
- The report includes the acquisition of 191.0576 dividend equivalent units (DEUs) on June 7, 2024, related to outstanding restricted stock units (RSUs) and performance stock units (PSUs).
- The reporting person directly owns 5,418 ordinary shares.
- The report also details holdings of various RSUs and PSUs with different vesting schedules and performance criteria, converting to ordinary shares on a one-for-one basis.
- Some PSUs have met performance criteria at levels of 83%, 91%, 97.3% and 100%.
- Vesting schedules for RSUs and PSUs extend to March 2, 2026, and March 1, 2027, respectively.
- PSUs and associated DEUs will settle on the six-month anniversary after termination of employment.
Sentiment
Score: 5
Explanation: This is a routine filing related to executive compensation and does not contain information that would significantly impact investor sentiment.
Positives
- The vesting of RSUs and PSUs indicates that the executive is incentivized to perform well for the company.
- The acquisition of dividend equivalent units suggests that the company is performing well enough to pay dividends.
Industry Context
Form 4 filings are a routine part of executive compensation and are common across publicly traded companies. They provide transparency into the holdings and transactions of company insiders.
Stakeholder Impact
- The vesting of RSUs and PSUs aligns the executive's interests with those of the shareholders.
- The acquisition of dividend equivalent units suggests that the company is performing well enough to pay dividends, which benefits shareholders.
Key Dates
| Date | Description |
|---|---|
| 02/20/2019 | PSUs were awarded and are earned subject to meeting minimum performance criteria which was met at 100%. |
| 02/20/2020 | PSUs vested in three equal annual installments. |
| 02/20/2021 | PSUs vested in three equal annual installments. |
| 03/02/2020 | PSUs were awarded subject to meeting minimum performance criteria which was met at 83%. |
| 03/01/2021 | PSUs vested in three equal annual installments. |
| 03/01/2021 | PSUs were awarded and are subject to meeting minimum performance criteria which was met at 91%. |
| 03/01/2022 | PSUs vested in three equal annual installments. |
| 06/15/2022 | RSUs were awarded and vest in three equal installments over three years. |
| 06/15/2022 | PSUs were awarded and subject to meeting minimum performance criteria which was met at 97.3%. |
| 02/20/2023 | PSUs vested in three equal annual installments. |
| 03/01/2023 | PSUs vested in three equal annual installments. |
| 03/02/2023 | RSUs were awarded and vest in three equal installments over three years. |
| 03/01/2024 | PSUs vested in three equal annual installments. |
| 03/01/2024 | PSUs were awarded and are earned subject to meeting minimum performance criteria. |
| 06/07/2024 | Transaction date for the acquisition of 191.0576 dividend equivalent units. |
| 06/11/2024 | Date of signature for the Form 4 filing. |
| 03/02/2025 | Remaining vesting will occur for RSUs awarded on 6/15/2022. |
| 03/01/2025 | PSUs vest in three equal annual installments. |
| 03/02/2025 | Remaining vestings will occur for RSUs awarded on 3/2/2023. |
| 03/01/2026 | PSUs vest in three equal annual installments. |
| 03/02/2026 | Remaining vestings will occur for RSUs awarded on 3/2/2023. |
| 03/01/2027 | PSUs vest in three equal annual installments. |
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