4/A: Martin Marietta Materials Executive Amends Filing to Disclose Full Share Award After Performance Goal Achievement
SEC Form 4/A (Amendment to Statement of Changes in Beneficial Ownership)
Robert J. Cardin, Sr. VP, Controller and CAO of Martin Marietta Materials, amends a previous SEC Form 4 filing to include the gross shares awarded upon achievement of performance goals related to performance share units (PSUs).
Summary
- Robert J. Cardin, a Senior VP, Controller, and CAO at Martin Marietta Materials Inc., filed an amended Form 4 with the SEC.
- The amendment corrects a previous filing from February 22, 2024, to include the gross shares awarded upon achievement of performance goals.
- The shares relate to the settlement of performance share units (PSUs) granted on February 17, 2021, under the Martin Marietta Amended and Restated Stock Based Award Plan.
- The number of shares received depended on the achievement of performance goals during a three-year period from January 1, 2021, to December 31, 2023.
- On February 20, 2024, the company's Management Development and Compensation Committee certified the attainment of the performance goals and approved the settlement of the PSU grant.
- The reporting person acquired 1,714 shares of common stock at $0 price.
- Following the reported transaction, the reporting person beneficially owns 6,430 shares.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The filing is a routine correction related to executive compensation and reflects the achievement of performance goals, which is generally a positive sign.
Positives
- The amendment provides a more complete picture of the executive's share ownership following the achievement of performance goals.
- The certification of performance goal attainment by the Management Development and Compensation Committee indicates successful performance during the specified period.
Industry Context
Executive compensation disclosures are standard practice in the industry, providing transparency into the alignment of management's interests with those of shareholders.
Stakeholder Impact
- Shareholders gain a clearer understanding of executive compensation and alignment with company performance.
Key Dates
| Date | Description |
|---|---|
| 02/17/2021 | Date of the original grant of performance share units under the Martin Marietta Amended and Restated Stock Based Award Plan. |
| 01/01/2021 | Start date of the three-year performance period for the PSU grant. |
| 12/31/2023 | End date of the three-year performance period for the PSU grant. |
| 02/20/2024 | Date the Management Development and Compensation Committee certified the attainment of the applicable performance goals and approved the settlement of the PSU grant. |
| 02/21/2024 | Date of the transaction (acquisition of shares). |
| 02/22/2024 | Date of the original Form 4 filing. |
| 02/27/2024 | Date of the amended Form 4/A filing. |
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