Form 4: Fresh Del Monte Produce Inc. Executive Reports Changes in Beneficial Ownership

Jesus Rodriguez Calvo, SVP of NA Sales & Marketing 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

• On March 29, 2024, Jesus Rodriguez Calvo, SVP of NA Sales & Marketing at Fresh Del Monte Produce Inc., reported changes in beneficial ownership.
• These changes involve the acquisition of dividend equivalent units (DEUs) and the vesting of restricted stock units (RSUs) and performance stock units (PSUs).
• Specifically, 127.9167 dividend equivalent units were acquired.
• The reporting person directly owns 311.2751 DEUs following the reported transaction.
• The reporting person directly owns 900 RSUs awarded on 12/1/2020, which vest in five equal installments over four years, with the remaining vesting on 12/1/2024.
• The reporting person directly owns 2,210 RSUs awarded on 3/2/2023, which vest in three equal installments over three years, with remaining vestings on 3/2/2025 and 3/2/2026.
• The reporting person directly owns 1,346.8982 PSUs awarded on 6/15/2022, subject to meeting minimum performance criteria which was met at 97.3%, and vest in three equal annual installments, with the remaining vesting on 3/2/2025.
• The reporting person directly owns 8,617 PSUs awarded on 3/1/2024, subject to meeting minimum performance criteria, and once earned, vest in three equal annual installments on each of 3/1/2025, 3/1/2026 and 3/1/2027.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing, indicating standard executive compensation practices. The sentiment is neutral to slightly positive as it reflects alignment of executive interests with shareholder value through equity-based compensation.

Positives

• The vesting of RSUs and PSUs indicates that the executive is incentivized to perform well and remain with the company.
• The acquisition of dividend equivalent units suggests that the executive is benefiting from the company's dividend payouts.

Industry Context

This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It provides transparency regarding the equity-based compensation of key personnel.

Comparison to Industry Standards

• Equity compensation, including RSUs and PSUs, is a common practice among publicly traded companies to align executive interests with shareholder value.
• The vesting schedules described are fairly standard, typically ranging from three to five years.
• Companies like Dole Food Company and Chiquita Brands International also utilize similar equity compensation structures for their executives.

Stakeholder Impact

• Shareholders may view the vesting of RSUs and PSUs as a positive sign, indicating that executives are incentivized to improve company performance.
• Employees may see this as a standard compensation practice, potentially impacting morale positively or neutrally.

Key Dates