Form 4: Linde CFO Matthew White Reports Share Transactions Following PSU and RSU Payouts
SEC Form 4
Linde CFO Matthew White reports acquisition and disposal of ordinary shares related to performance share units (PSU) and restricted stock units (RSU) payouts, along with tax withholdings.
Summary
- On March 11, 2024, Matthew J White, CFO of Linde PLC, reported transactions involving Linde's ordinary shares.
- These transactions include the acquisition of shares through the payout of performance share units (PSUs) and restricted stock units (RSUs) granted in March 2021.
- A total of 9,780 shares were acquired from a PSU grant based on the average annual return on capital (ROC) from 2021-2023.
- An additional 5,350 shares were acquired from a PSU grant based on the average annual total shareholder return (TSR) from 2021-2023.
- 3,260 shares were acquired from a restricted stock unit grant made on March 8, 2021.
- Shares were also disposed of to cover tax withholdings related to these payouts, with 4,532.053 shares disposed of at a price of $462.55 and 2,479.191 shares disposed of at a price of $462.55 and 1,510.685 shares disposed of at a price of $462.55.
- Following these transactions, White directly owns 67,502.071 ordinary shares of Linde PLC.
- The report also details holdings of performance share units, restricted stock units, stock options, and deferred stock units.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. The transactions reflect standard executive compensation practices and the achievement of performance targets, which is a positive signal. There are no indications of negative events or concerns.
Positives
- The vesting and payout of PSUs and RSUs indicate that performance targets related to ROC and TSR were met, reflecting positively on the company's performance during the 2021-2023 period.
Industry Context
Executive compensation and share ownership are standard practices in publicly traded companies like Linde PLC. These practices are designed to align the interests of management with those of shareholders, incentivizing performance through equity-based compensation.
Comparison to Industry Standards
- Linde's executive compensation practices, including the use of PSUs and RSUs, are consistent with industry standards for large, multinational corporations.
- Companies like Air Products and Chemicals, and Air Liquide also utilize similar equity-based compensation plans to incentivize their executives.
- The specific metrics used for PSU payouts, such as ROC and TSR, are common performance indicators used in the industrial gases industry.
Stakeholder Impact
- The vesting of PSUs and RSUs can be viewed positively by shareholders as it indicates that the company has met certain performance goals.
- The transactions have no immediate impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 02/28/2018 | Date of grant for stock options that became exercisable in three equal annual installments beginning on the first anniversary of the date of grant. |
| 02/27/2019 | Date of grant for stock options that became exercisable in three equal annual installments beginning on the first anniversary of the date of grant. |
| 03/20/2020 | Date of grant for stock options that became exercisable in three equal annual installments beginning on the first anniversary of the date of grant. |
| 03/08/2021 | Date of PSU and RSU grants. |
| 03/08/2022 | Date of grant for stock options that vest over three years in three consecutive equal annual installments beginning on this date. |
| 03/07/2023 | Date of grant for stock options that vest over three years in three consecutive equal annual installments beginning on this date. |
| 03/07/2024 | Date of grant for stock options that vest over three years in three consecutive equal annual installments beginning on this date. |
| 03/11/2024 | Date of reported transactions: payout of PSUs and RSUs, and related tax withholdings. |
| 03/07/2025 | Date of grant for stock options that vest over three years in three consecutive equal annual installments beginning on this date; date that Restricted Stock Units will vest in full and payout. |
| 03/07/2026 | Date that Restricted Stock Units will vest in full and payout. |
| 03/07/2027 | Date that Restricted Stock Units will vest in full and payout. |
| 02/27/2028 | Expiration date for stock options granted on 02/27/2019. |
| 03/20/2029 | Expiration date for stock options granted on 03/20/2020. |
| 03/08/2031 | Expiration date for stock options granted on 03/08/2022. |
| 03/07/2032 | Expiration date for stock options granted on 03/07/2023. |
| 03/07/2033 | Expiration date for stock options granted on 03/07/2024. |
| 03/07/2034 | Expiration date for stock options granted on 03/07/2025. |
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