4/A: Great Lakes Dredge & Dock CEO Lasse Petterson Receives 25,000 Shares Due to Performance Conditions; Amends Previous Filing
SEC Form 4/A (Amendment to Statement of Changes in Beneficial Ownership)
Lasse Petterson, CEO and President of Great Lakes Dredge & Dock CORP, acquired 25,000 shares of common stock due to the satisfaction of performance conditions, and an amendment was filed to correct an administrative error.
Summary
- Lasse Petterson, CEO and President of Great Lakes Dredge & Dock CORP, acquired 25,000 shares of common stock on July 14, 2022, as a result of meeting performance conditions related to restricted stock units granted on April 24, 2022.
- These shares will vest on July 14, 2024.
- Following this transaction, Petterson directly owns 1,151,566.34 shares of Great Lakes Dredge & Dock CORP.
- An amendment to a previous filing (originally filed on March 1, 2024) was made to correct an administrative error.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It reflects a routine transaction related to executive compensation. The administrative error is a minor negative, but the vesting of shares suggests positive performance.
Positives
- The vesting of performance-based restricted stock units suggests that performance targets were met, which could be viewed positively.
Negatives
- The amendment to a previous filing indicates an administrative error, which could raise minor concerns about internal controls.
Future Outlook
The document does not contain any specific forward-looking statements or guidance.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the alignment of management's interests with those of shareholders.
Comparison to Industry Standards
- Executive compensation packages including performance-based restricted stock units are a common practice among publicly traded companies, particularly in industries like construction and engineering where performance metrics are easily quantifiable.
- Companies like Weeks Marine, Manson Construction, and Orion Marine Group also likely utilize similar compensation structures to incentivize their executives.
Stakeholder Impact
- The vesting of shares could have a slightly positive impact on shareholder sentiment, as it indicates that performance targets were met.
Key Dates
| Date | Description |
|---|---|
| 04/24/2022 | Date of grant for performance-based restricted stock units. |
| 07/14/2022 | Date of transaction: Petterson acquired 25,000 shares. |
| 03/01/2024 | Date of original filing that was amended. |
| 07/14/2024 | Vesting date for the 25,000 shares. |
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