Form 4: Fresh Del Monte Produce Inc. Executive Reports Changes in Beneficial Ownership
SEC Form 4 Filing
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, a VP at Fresh Del Monte Produce Inc., filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- The changes involve the acquisition of dividend equivalent units (DEUs) and the vesting of restricted stock units (RSUs) and performance stock units (PSUs).
- On March 29, 2024, Mr. Reyes acquired 165.2047 dividend equivalent units.
- Mr. Reyes directly owns 5,418 ordinary shares.
- He also holds various RSUs and PSUs that will convert to ordinary shares over time, subject to vesting schedules and performance criteria.
- The PSUs were awarded between 2019 and 2024, with vesting occurring in installments based on meeting performance criteria.
- Some PSUs and associated DEUs will settle six months after termination of employment.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing. It doesn't convey positive or negative sentiment, but simply reports transactions.
Positives
- The vesting of RSUs and PSUs suggests the executive is incentivized to perform well for the company.
- The acquisition of dividend equivalent units indicates a return on existing equity holdings.
Future Outlook
The document does not contain specific forward-looking statements, but it outlines the vesting schedules for RSUs and PSUs, indicating future potential stock ownership changes.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the stock ownership of company insiders. This filing is specific to an executive at Fresh Del Monte Produce and doesn't provide broad industry context.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and ownership.
Key Dates
| Date | Description |
|---|---|
| 02/02/2019 | PSUs were awarded subject to meeting minimum performance criteria which was met at 100%. |
| 03/02/2020 | PSUs were awarded subject to meeting minimum performance criteria, which was met at 83%. |
| 02/20/2020 | PSUs vested in three equal annual installments. |
| 03/01/2021 | PSUs were awarded and 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 and PSUs were awarded. |
| 03/02/2023 | RSUs were awarded. |
| 03/01/2024 | PSUs were awarded and are earned subject to meeting minimum performance criteria. |
| 03/29/2024 | Acquisition of 165.2047 dividend equivalent units. |
| 04/02/2024 | Date of the report. |
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