Form 4: MGO Global CFO Dana Perez Receives Restricted Stock in Lieu of Cancelled Equity Award
SEC Form 4 Filing
Dana Perez, CFO of MGO Global Inc., received 100,000 shares of restricted stock on April 23, 2024, in exchange for the cancellation of a previously reported equity award.
Summary
- On April 23, 2024, Dana Perez, the CFO of MGO Global Inc., received 100,000 shares of restricted stock.
- This transaction was made under the MGO Global Inc. 2022 Equity Incentive Plan.
- The restricted stock was granted in lieu of the cancellation of a previously reported equity award, specifically Restricted Stock Units (RSUs).
- The restricted stock vests immediately.
- The cancelled equity award consisted of 50,000 RSUs originally granted on January 15, 2024, and another 50,000 RSUs granted on April 2, 2024.
- The price for both the restricted stock and the RSUs is $0.
Sentiment
Score: 6
Explanation: Neutral sentiment as it reflects a standard executive compensation adjustment. The exchange of RSUs for restricted stock doesn't inherently indicate positive or negative performance.
Positives
- The immediate vesting of the restricted stock provides Dana Perez with immediate ownership.
Industry Context
This type of equity compensation is common for executives to align their interests with the company's long-term performance.
Comparison to Industry Standards
- Equity compensation is a standard practice across various industries, particularly in publicly traded companies.
- Companies like Nike, Adidas, and Puma also use equity incentive plans to attract and retain key personnel.
- The specific terms of equity grants, such as vesting schedules and the type of equity (restricted stock vs. options), can vary widely based on company size, industry, and individual performance.
Stakeholder Impact
- The transaction has a minor impact on shareholders as it involves the exchange of equity awards and doesn't represent a new issuance of shares.
Key Dates
| Date | Description |
|---|---|
| 01/15/2024 | Original grant date of 50,000 Restricted Stock Units (RSUs) that were later cancelled. |
| 04/02/2024 | Original grant date of 50,000 Restricted Stock Units (RSUs) that were later cancelled. |
| 04/23/2024 | Date of transaction: Dana Perez received 100,000 shares of restricted stock in lieu of cancelled RSUs. |
| 04/25/2024 | Date of signature on the Form 4 filing. |
Keywords
MGO Global Inc., Dana Perez, CFO, Restricted Stock, Equity Incentive Plan, RSU, Equity Award, Beneficial Ownership
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