Form 4: LeMaitre Vascular CEO George W. LeMaitre Reports Acquisition of Dividend Equivalent Rights
SEC Form 4
George W. LeMaitre, Chairman and CEO of LeMaitre Vascular, Inc., reports the acquisition of dividend equivalent rights related to restricted stock unit and performance share unit awards.
Summary
- On August 29, 2024, George W. LeMaitre, Chairman and CEO of LeMaitre Vascular, Inc. (LMAT), acquired dividend equivalent rights.
- These rights are associated with previously granted restricted stock unit (RSU) and performance share unit (PSU) awards.
- The dividend equivalent rights vest proportionately with the underlying awards and are economically equivalent to shares of LMAT common stock.
- The acquisitions include 1.9357 rights related to a 2019 RSU award, 3.6312 rights related to a 2020 RSU award, 5.2377 rights related to a 2021 RSU award, 8.0067 rights related to a 2022 RSU award, 8.0067 rights related to a 2022 PSU award, and 9.1256 rights related to a 2023 RSU award.
- The prices associated with these rights are notional and reflect the value of the underlying common stock at the time of accrual.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of routine executive compensation activity. It doesn't inherently indicate positive or negative sentiment.
Positives
- The acquisition of dividend equivalent rights aligns the CEO's interests with those of shareholders, as the value is tied to the company's stock performance.
- The vesting schedule of the rights is linked to existing RSU and PSU awards, incentivizing long-term performance.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into the holdings of company insiders.
Comparison to Industry Standards
- Executive compensation packages often include a mix of salary, stock options, restricted stock units, and performance-based incentives.
- Dividend equivalent rights are a common feature of RSU and PSU awards, ensuring that executives receive the same dividend benefits as common shareholders during the vesting period.
- Companies like Medtronic, Boston Scientific, and Edwards Lifesciences also utilize similar equity-based compensation strategies to align executive interests with shareholder value.
Stakeholder Impact
- The acquisition of dividend equivalent rights has a minimal direct impact on stakeholders.
- It reinforces the alignment of executive compensation with shareholder interests.
Key Dates
| Date | Description |
|---|---|
| 12/20/2019 | Date of grant for the restricted stock unit award associated with 1.9357 dividend equivalent rights. |
| 12/02/2020 | Date of grant for the restricted stock unit award associated with 3.6312 dividend equivalent rights. |
| 12/11/2021 | Date of grant for the restricted stock unit award associated with 5.2377 dividend equivalent rights. |
| 12/12/2022 | Date of grant for the restricted stock unit award associated with 8.0067 dividend equivalent rights (RSU and PSU). |
| 12/08/2023 | Date of grant for the restricted stock unit award associated with 9.1256 dividend equivalent rights. |
| 08/29/2024 | Date of transaction: Acquisition of dividend equivalent rights. |
| 09/03/2024 | Date of filing: Form 4 filing date. |
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