Form 4: Fresh Del Monte Produce Inc. Executive Sells Shares to Cover Tax Obligations
SEC Form 4
EVP and Chief Operating Officer Mohammed Abbas sold 5,064 shares of Fresh Del Monte Produce Inc. to cover withholding tax obligations related to the vesting of restricted stock units and performance stock units.
Summary
- On March 3, 2025, Mohammed Abbas, EVP and Chief Operating Officer of Fresh Del Monte Produce Inc., sold 5,064 ordinary shares at a price of $30.42 per share.
- The sale was executed to cover withholding tax obligations arising from the settlement of previously reported vesting of Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
- Following the transaction, Abbas directly owns 45,560 ordinary shares.
- Abbas also holds various derivative securities, including Dividend Equivalent Units (DEUs), Restricted Stock Units (RSUs), and Performance Stock Units (PSUs), which convert to ordinary shares on a one-for-one basis.
- The RSUs and PSUs have different vesting schedules and performance criteria, with some vesting in annual installments over three years.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing related to executive stock transactions, which is neutral in sentiment.
Future Outlook
The document outlines the vesting schedules for various RSUs and PSUs, indicating future potential equity settlements.
Industry Context
Executive stock sales are a common occurrence, often related to compensation and tax planning. The sale itself is unlikely to have a significant impact on the company's operations or market position.
Stakeholder Impact
- The sale of shares by an executive could have a minor impact on shareholder sentiment, but is unlikely to significantly affect the company's overall value.
Key Dates
| Date | Description |
|---|---|
| 2/24/2016 | PSUs awarded subject to meeting minimum performance criteria, which was met at 100%. |
| 2/24/2017 | First vesting date for PSUs awarded on 2/24/2016. |
| 2/22/2017 | PSUs awarded subject to meeting minimum performance criteria, which was met at 88.8%. |
| 2/24/2018 | Second vesting date for PSUs awarded on 2/24/2016. |
| 2/22/2018 | First vesting date for PSUs awarded on 2/22/2017. |
| 2/20/2019 | PSUs awarded subject to meeting minimum performance criteria, which was met at 100%. |
| 2/24/2019 | Third vesting date for PSUs awarded on 2/24/2016. |
| 2/22/2019 | Second vesting date for PSUs awarded on 2/22/2017. |
| 2/20/2020 | First vesting date for PSUs awarded on 2/20/2019. |
| 2/22/2020 | Third vesting date for PSUs awarded on 2/22/2017. |
| 3/2/2020 | PSUs awarded subject to meeting minimum performance criteria, which was met 83%. |
| 3/1/2021 | First vesting date for PSUs awarded on 3/2/2020 and PSUs awarded subject to meeting minimum performance criteria, which was met at 91%. |
| 2/20/2021 | Second vesting date for PSUs awarded on 2/20/2019. |
| 3/1/2022 | Second vesting date for PSUs awarded on 3/1/2021 and Second vesting date for PSUs awarded on 3/2/2020. |
| 2/20/2022 | Third vesting date for PSUs awarded on 2/20/2019. |
| 3/2/2023 | RSUs were awarded and vest in three equal annual installments over three years. |
| 3/1/2023 | Third vesting date for PSUs awarded on 3/1/2021 and Third vesting date for PSUs awarded on 3/2/2020. |
| 3/1/2024 | PSUs were awarded subject to meeting minimum performance criteria, which was met at 100%. |
| 3/3/2025 | Date of the transaction where 5,064 shares were sold and RSUs and PSUs were awarded. |
| 3/3/2026 | First vesting date for RSUs and PSUs awarded on 3/3/2025. |
| 3/2/2026 | Second vesting date for RSUs awarded on 3/2/2023. |
| 3/1/2026 | Second vesting date for PSUs awarded on 3/1/2024. |
| 3/3/2027 | Second vesting date for RSUs and PSUs awarded on 3/3/2025. |
| 3/1/2027 | Third vesting date for PSUs awarded on 3/1/2024. |
| 3/3/2028 | Third vesting date for RSUs and PSUs awarded on 3/3/2025. |
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