Form 4: Fresh Del Monte Produce Inc. Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Mohammed Abbas, Chief Operating Officer of Fresh Del Monte Produce Inc., sold 3,222 shares to cover taxes related to vesting of Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
Summary
- On March 5, 2024, Mohammed Abbas, the Chief Operating Officer of Fresh Del Monte Produce Inc. (FDP), sold 3,222 ordinary shares of the company.
- The sale was executed at a price of $24.35 per share.
- This transaction was conducted to cover taxes payable upon the vesting of Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
- Following the transaction, Abbas directly owns 29,945 ordinary shares of Fresh Del Monte Produce Inc.
- Abbas also holds derivative securities including Dividend Equivalent Units (DEUs), Restricted Stock Units (RSUs), and Performance Stock Units (PSUs) which will convert to Ordinary Shares on a one-for-one basis as they vest.
Sentiment
Score: 5
Explanation: The document is a routine SEC filing related to an executive's stock sale for tax purposes, indicating a neutral sentiment.
Industry Context
Executive stock sales are a common occurrence, often related to compensation and tax planning. It's typical for executives to sell shares acquired through equity compensation to cover tax liabilities.
Stakeholder Impact
- The sale has a minimal impact on shareholders as it is a small percentage of the outstanding shares and is related to tax obligations.
Key Dates
| Date | Description |
|---|---|
| 02/24/2016 | PSUs awarded subject to performance criteria, vesting in three equal annual installments on 2/24/2017, 2/24/2018 and 2/24/2019. |
| 02/22/2017 | PSUs awarded subject to performance criteria, vesting in three equal annual installments on 2/22/2018, 2/22/2019 and 2/22/2020. |
| 02/20/2019 | PSUs awarded subject to performance criteria, vesting in three equal annual installments on 2/20/2020, 2/20/2021 and 2/20/2022. |
| 03/02/2020 | PSUs awarded subject to performance criteria, vesting in three equal annual installments on 3/1/2021, 3/1/2022 and 3/1/2023. |
| 03/01/2021 | PSUs awarded subject to performance criteria, vesting in three equal annual installments, with remaining vesting on 3/1/2024. |
| 06/15/2022 | RSUs and PSUs awarded, vesting in three equal annual installments, with remaining vesting on 3/2/2025. |
| 03/02/2023 | RSUs awarded, vesting in three equal annual installments, with remaining vestings on 3/2/2025 and 3/2/2026. |
| 03/01/2024 | PSUs awarded subject to performance criteria, vesting in three equal installments on 3/1/2025, 3/1/2026 and 3/1/2027. |
| 03/05/2024 | Mohammed Abbas sold 3,222 shares at $24.35 per share. |
| 03/07/2024 | Date of Form 4 filing. |
| 03/02/2025 | Remaining vesting date for RSUs awarded on 6/15/2022. |
| 03/02/2025 | Remaining vesting date for RSUs awarded on 3/2/2023. |
| 03/02/2026 | Remaining vesting date for RSUs awarded on 3/2/2023. |
| 03/01/2025 | First vesting date for PSUs awarded on 3/1/2024. |
| 03/01/2026 | Second vesting date for PSUs awarded on 3/1/2024. |
| 03/01/2027 | Third vesting date for PSUs awarded on 3/1/2024. |
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