Form 4: ODP Corp Co-CFO Adam Haggard Reports Stock Transactions
SEC Form 4 Filing
Adam Haggard, Co-CFO and SVP of ODP Corp, reports acquisition of restricted stock units and withholding of shares for tax obligations.
Summary
- On March 10, 2025, Adam Haggard, Co-CFO and SVP of ODP Corp, reported transactions involving ODP Corp common stock.
- Haggard acquired 10,107 Restricted Stock Units (RSUs) that will vest in three equal installments on March 10, 2026, March 10, 2027, and March 10, 2028.
- The company withheld 344 shares to cover tax obligations related to the vesting of restricted shares from a March 10, 2023 grant at a price of $17.81.
- Additionally, 782 shares were withheld to cover tax obligations related to the vesting of restricted shares from a March 10, 2022 grant, also at $17.81.
- Following these transactions, Haggard directly owns 27,638 shares of ODP Corp common stock.
Sentiment
Score: 6
Explanation: The document is a neutral regulatory filing. The RSU grant is a positive sign of incentivizing management, but the tax withholding is a routine event.
Positives
- The grant of RSUs to a key executive like the Co-CFO can be seen as a positive incentive aligning their interests with the long-term performance of the company.
Future Outlook
The document does not contain specific forward-looking statements about the company's future performance, but the vesting schedule of the RSUs suggests a multi-year incentive plan for the executive.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The granting of RSUs is a common practice to incentivize executives and align their interests with shareholders.
Comparison to Industry Standards
- Equity compensation practices vary across industries, but RSU grants are a standard tool for aligning executive compensation with shareholder value.
- Companies like Staples (now Sycamore Partners) and Amazon also use stock-based compensation extensively.
- The vesting schedule of three years is fairly typical for RSU grants.
Stakeholder Impact
- Shareholders may view the RSU grant as a positive sign that management's interests are aligned with theirs.
- Employees may see the executive compensation as a reflection of the company's commitment to its leadership.
Key Dates
| Date | Description |
|---|---|
| 03/10/2022 | Date of original grant of restricted shares, some of which vested and had taxes withheld on 03/10/2025. |
| 03/10/2023 | Date of original grant of restricted shares, some of which vested and had taxes withheld on 03/10/2025. |
| 03/10/2025 | Date of RSU grant and tax withholding. |
| 03/10/2026 | First vesting date for one-third of the RSUs granted on 03/10/2025. |
| 03/10/2027 | Second vesting date for one-third of the RSUs granted on 03/10/2025. |
| 03/10/2028 | Final vesting date for one-third of the RSUs granted on 03/10/2025. |
| 03/12/2025 | Date of signature on the Form 4 filing. |
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