Form 4: IFF Executive Simon Herriott Reports Stock Award and Tax Withholding

Simon Herriott, President of Health & Biosciences and Scent at International Flavors & Fragrances Inc. (IFF), reports the acquisition of shares through a long-term incentive plan and subsequent disposal for tax obligations.

Summary

• On March 1, 2024, Simon Herriott, President of Health & Biosciences and Scent at International Flavors & Fragrances Inc. (IFF), acquired 286 shares of IFF common stock as part of the 2021-2023 Long Term Incentive Plan (LTIP).
• The shares were awarded based on the average closing market price of IFF's common stock for the twenty trading days prior to January 1, 2021.
• On the same day, Herriott disposed of 104 shares to satisfy tax withholding obligations related to the LTIP share receipt at a price of $75.88 per share.
• Following these transactions, Herriott directly owns 6,877.571 shares of IFF common stock.

Sentiment

Score: 6

Explanation: The document reflects standard executive compensation practices. It's neutral in sentiment as it reports routine transactions.

Positives

• The acquisition of shares through the LTIP indicates a reward for past performance and alignment with company goals.

Future Outlook

NA

Industry Context

Executive compensation through stock awards is a common practice in publicly traded companies to incentivize performance and align management interests with shareholders.

Comparison to Industry Standards

• Stock-based compensation is a standard practice among IFF's peers in the flavors and fragrances industry, such as Givaudan, Firmenich (now dsm-firmenich), and Symrise.
• These companies often use long-term incentive plans (LTIPs) that vest over multiple years and are tied to specific performance metrics, aligning executive compensation with shareholder value creation.
• The specific terms of IFF's LTIP, such as the performance metrics and vesting schedule, would need to be compared to those of its peers to determine its relative competitiveness.

Stakeholder Impact

• The stock award incentivizes the executive to improve company performance, which benefits shareholders.
• Tax withholding impacts the executive's net compensation.

Key Dates