Form 4: Fresh Del Monte Produce Inc. Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Jesus Rodriguez Calvo, SVP of NA Sales & Marketing at Fresh Del Monte Produce Inc., sold 742 ordinary shares to cover taxes related to vesting restricted stock units and performance stock units.
Summary
- On March 5, 2024, Jesus Rodriguez Calvo, SVP of NA Sales & Marketing at Fresh Del Monte Produce Inc., sold 742 ordinary shares of the company.
- The shares were sold at a price of $24.35 per share.
- The sale was conducted to cover taxes payable upon the vesting of Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
- Following the transaction, Calvo directly owns 2,402 ordinary shares.
- Calvo also holds derivative securities including Dividend Equivalent Units (DEUs), Restricted Stock Units (RSUs), and Performance Stock Units (PSUs) which will convert to ordinary shares.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing simply reports a stock sale for tax purposes, which is a routine transaction.
Industry Context
Executive stock sales are a common occurrence, often related to personal financial planning or tax obligations. Monitoring these transactions can provide insights into management's perspective on the company's valuation, though sales for tax purposes are generally less informative.
Stakeholder Impact
- The sale of shares by an executive could have a minor impact on shareholder sentiment, but is unlikely to be significant given the reason for the sale.
Key Dates
| Date | Description |
|---|---|
| 12/1/2020 | RSUs were awarded, vesting in five equal installments over four years, with the remaining vesting on 12/1/2024. |
| 6/15/2022 | PSUs were awarded, subject to meeting minimum performance criteria, vesting in three equal annual installments, with the remaining vesting on 3/2/2025. |
| 3/2/2023 | RSUs were awarded, vesting in three equal installments over three years, with remaining vestings on 3/2/2025 and 3/2/2026. |
| 3/1/2024 | PSUs were awarded, subject to meeting minimum performance criteria, vesting in three equal annual installments on 3/1/2025, 3/1/2026 and 3/1/2027. |
| 03/05/2024 | Jesus Rodriguez Calvo sold 742 ordinary shares at $24.35 per share. |
| 03/07/2024 | Date of the signature on the Form 4 filing. |
| 12/1/2024 | Remaining vesting date for RSUs awarded on 12/1/2020. |
| 3/2/2025 | Remaining vesting date for PSUs awarded on 6/15/2022 and vesting date for RSUs awarded on 3/2/2023. |
| 3/1/2025 | First vesting date for PSUs awarded on 3/1/2024. |
| 3/2/2026 | Remaining vesting date for RSUs awarded on 3/2/2023. |
| 3/1/2026 | Second vesting date for PSUs awarded on 3/1/2024. |
| 3/1/2027 | Final vesting date for PSUs awarded on 3/1/2024. |
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