Form 4: Innovex International VP Donald Underwood Reports Changes in Beneficial Ownership After Merger
SEC Form 4
VP of Subsea Products at Innovex International, Donald Underwood, reports changes in beneficial ownership due to vesting of performance units and restricted stock awards following the company's merger.
Summary
- Donald Underwood, VP of Subsea Products at Innovex International, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- The changes are due to the vesting and settlement of performance unit awards and restricted stock awards in connection with the merger of Innovex International, Inc. and Innovex Downhole Solutions, Inc.
- On September 6, 2024, Underwood received 23,742 shares upon vesting of performance units and already owned 48,085 shares.
- A total of 9,344 shares were withheld to satisfy tax obligations related to the performance units, and 6,545 shares were withheld for taxes on the restricted stock awards.
- Following these transactions, Underwood directly owns 32,196 shares of Innovex International.
- The performance units vested at 100% of the target level on Underwood's last day of employment, as per his separation agreement with the company.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral. It reflects routine transactions related to executive compensation and a corporate merger.
Industry Context
This filing is a routine disclosure related to executive compensation and ownership changes following a significant corporate event (the merger). It provides transparency to investors regarding insider transactions.
Stakeholder Impact
- Shareholders are informed about changes in insider ownership.
- Employees, specifically Donald Underwood, are impacted by the vesting of their compensation packages.
- The company's financial statements and disclosures are updated to reflect these changes.
Key Dates
| Date | Description |
|---|---|
| March 18, 2024 | Date of the original Agreement and Plan of Merger between Innovex International, Inc. and Innovex Downhole Solutions, Inc. |
| June 12, 2024 | Date of the First Amendment to the Agreement and Plan of Merger. |
| September 6, 2024 | Date of the transactions (vesting and tax withholding) and Underwood's separation agreement. |
| September 6, 2024 | Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission. |
| September 10, 2024 | Date of signature on the Form 4. |
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