Form 4: Hillenbrand Director Neil S. Novich Reports Acquisition of Restricted Stock Units
SEC Form 4 Filing
Director Neil S. Novich reports the acquisition of restricted stock units in Hillenbrand, Inc. on September 30, 2024, through deferred stock awards and director fees.
Summary
- On September 30, 2024, Neil S. Novich, a director of Hillenbrand, Inc., reported the acquisition of multiple tranches of restricted stock units (RSUs).
- These RSUs were granted under various deferred stock award plans dating from 2010 to 2024, as well as for deferred director fees.
- The total number of RSUs acquired on this date is 438.
- Each RSU represents the contingent right to receive one share of Hillenbrand's common stock.
- The RSUs are entitled to dividend equivalent rights which accrue on dividend record dates.
- Some RSUs vest immediately upon grant, while others vest on the earlier of the next annual meeting or one year from the grant date, with immediate vesting upon a change in control, death, disability, or one day after ceasing to be a director.
- Director must hold the underlying shares of common stock of the Company for six months after they cease serving as a director, and for awards granted in May 2014 or later, directors must hold the underlying shares of common stock of the Company for one day after the director ceases serving.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. The acquisition of RSUs by a director is a routine event and signals confidence in the company. However, it doesn't provide significant new information.
Positives
- The acquisition of restricted stock units by a director signals confidence in the company's future performance.
- The vesting schedules of the RSUs align the director's interests with those of long-term shareholders.
Industry Context
Director ownership and equity-based compensation are common practices in publicly traded companies to align management's interests with those of shareholders.
Comparison to Industry Standards
- Equity compensation for board members is a standard practice across publicly traded companies.
- The specific amount and vesting schedules vary based on company size, industry, and individual director roles.
- Companies like Dover Corporation and Stanley Black & Decker also utilize restricted stock units as part of their director compensation packages.
Stakeholder Impact
- The acquisition of RSUs by a director aligns their interests with shareholders, potentially leading to decisions that benefit the company's long-term value.
Key Dates
| Date | Description |
|---|---|
| 2/24/10 | Date of Deferred Stock Award |
| 2/23/11 | Date of Deferred Stock Award |
| 2/22/12 | Date of Deferred Stock Award |
| 2/27/13 | Date of Deferred Stock Award |
| 2/26/14 | Date of Deferred Stock Award |
| 2/25/15 | Date of Deferred Stock Award |
| 2/24/16 | Date of Deferred Stock Award |
| 2/22/17 | Date of Deferred Stock Award |
| 2/15/18 | Date of Deferred Stock Award |
| 2/14/19 | Date of Deferred Stock Award |
| 2/13/20 | Date of Deferred Stock Award |
| 2/11/21 | Date of Deferred Stock Award |
| 2/10/22 | Date of Deferred Stock Award |
| 2/24/23 | Date of Deferred Stock Award |
| 2/20/2024 | Date of Deferred Stock Award |
| 09/30/2024 | Date of Transaction: Acquisition of Restricted Stock Units |
| 10/02/2024 | Date of Report Filing |
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