Form 4: ODP Corp CEO Gerry P. Smith Reports Stock Disposals to Cover Tax Obligations
SEC Form 4 Filing
Gerry P. Smith, CEO of ODP Corp, reported the disposal of common stock to cover tax withholding obligations related to vesting shares.
Summary
- Gerry P. Smith, the Chief Executive Officer of ODP Corp, filed a Form 4 with the SEC on March 12, 2024.
- The report details transactions from March 10, 2024, where shares of common stock were disposed of to satisfy tax withholding obligations.
- Specifically, 8,805 shares were withheld at a price of $51.47 per share related to a grant issued on March 10, 2023.
- Additionally, 9,179 shares were withheld at the same price to cover taxes on shares vesting from a grant issued on March 10, 2022.
- Following these transactions, Smith directly owns 760,607 shares of ODP Corp common stock.
Sentiment
Score: 6
Explanation: The filing is a routine disclosure of stock transactions related to tax obligations. It doesn't indicate any significant positive or negative sentiment regarding the company's performance or future prospects.
Industry Context
Executive compensation often includes stock grants, and it's standard practice for companies to withhold shares to cover the associated tax obligations. This filing reflects that standard practice.
Comparison to Industry Standards
- Stock-based compensation is a common practice among publicly traded companies to align executive interests with shareholder value.
- Companies like Apple, Microsoft, and Amazon also use stock grants as part of their compensation packages.
- The practice of withholding shares to cover tax obligations is a standard procedure across these companies.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine procedure related to executive compensation.
- Employees who receive stock grants may be affected by the tax implications of vesting shares.
Key Dates
| Date | Description |
|---|---|
| 03/10/2022 | Date of original grant of restricted shares, part of which vested on 03/10/2024. |
| 03/10/2023 | Date of original grant of restricted shares, part of which vested on 03/10/2024. |
| 03/10/2024 | Date of transaction: Shares withheld to cover tax obligations. |
| 03/12/2024 | Date of Form 4 filing. |
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