Form 4: Modine Manufacturing CEO Neil David Brinker Receives Restricted Stock Units
SEC Form 4 Filing
Neil David Brinker, President and CEO of Modine Manufacturing, reported the acquisition of 9,222 restricted stock units on May 16, 2024, which vest over a three-year period.
Summary
- Neil David Brinker, the President and CEO of Modine Manufacturing Co., filed a Form 4 on May 20, 2024, reporting a transaction that occurred on May 16, 2024.
- The transaction involved the acquisition of 9,222 shares of common stock in the form of restricted stock units.
- These restricted stock units were awarded to Brinker and will vest in three installments: 33% on May 16, 2025, 33% on May 16, 2026, and the remaining 34% on May 16, 2027.
- Each restricted stock unit represents the contingent right to receive one share of MOD common stock.
- Following the reported transaction, Brinker beneficially owns 268,142 shares of Modine Manufacturing Co.
- The filing was signed by Erin J. Roth, Attorney in Fact, on May 20, 2024.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. It reflects standard executive compensation practices, indicating confidence in the CEO's leadership and alignment with shareholder interests.
Positives
- The award of restricted stock units to the CEO aligns his interests with those of the shareholders, incentivizing him to improve the company's performance over the vesting period.
Future Outlook
The vesting schedule of the restricted stock units suggests a long-term commitment from the CEO to the company's success.
Industry Context
Executive compensation packages often include restricted stock units to align management's interests with shareholder value. This grant is a typical component of executive pay in publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages in similar manufacturing companies often include a mix of salary, bonus, and equity-based compensation, such as restricted stock units.
- The vesting schedule of three years is a common practice to ensure long-term alignment.
- Comparing the size of the grant to those of CEOs at peer companies like Lennox International or AAON would provide further context.
Stakeholder Impact
- Shareholders may view the grant of restricted stock units as a positive sign, aligning the CEO's interests with long-term company performance.
- Employees may see this as a sign of stability and commitment from the company's leadership.
Key Dates
| Date | Description |
|---|---|
| 05/16/2024 | Date of transaction: Acquisition of restricted stock units. |
| 05/16/2025 | First vesting date: 33% of restricted stock units vest. |
| 05/16/2026 | Second vesting date: 33% of restricted stock units vest. |
| 05/16/2027 | Final vesting date: Remaining 34% of restricted stock units vest. |
| 05/20/2024 | Date of Form 4 filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.