Form 4: ODP Corp Executive Centrella Reports Stock Grants and Tax Withholdings
SEC Form 4
David C. Centrella, EVP and President of ODP Business Solutions, reports acquisition of restricted stock units and shares, as well as shares withheld for tax obligations.
Summary
- On March 10, 2025, David C. Centrella, EVP and President of ODP Business Solutions, reported transactions involving ODP Corp common stock.
- Centrella was granted 22,459 Restricted Stock Units (RSUs) that will vest in three equal installments on March 10 of 2026, 2027, and 2028.
- Additionally, 2,511 performance-based restricted stock units vested on the same date.
- A total of 2,071 shares were withheld by the issuer to cover tax obligations related to vesting shares from grants issued in 2022 and 2023, as well as performance-based stock units, at a price of $17.81 per share.
- Following these transactions, Centrella beneficially owns 85,913 shares of ODP Corp common stock.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The filing reflects standard executive compensation practices, indicating stability and alignment of interests. The vesting of performance-based units suggests the executive is meeting performance goals.
Positives
- The grant of RSUs and vesting of performance-based restricted stock units align Centrella's interests with the long-term performance of ODP Corp.
Future Outlook
The document does not contain specific forward-looking statements beyond the vesting schedule of the RSUs.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages including RSUs are standard practice among publicly traded companies to incentivize performance and retain key personnel.
- The vesting schedule of the RSUs is typical, aligning with industry norms for long-term incentive plans.
- Comparable companies such as Staples, Amazon, and Walmart also utilize similar equity-based compensation strategies for their executives.
Stakeholder Impact
- The stock grants and vesting may have a minor positive impact on shareholder sentiment, as it aligns executive interests with company performance.
- Employees may view the executive compensation package as a sign of company stability and commitment to its leadership.
Key Dates
| Date | Description |
|---|---|
| 03/10/2022 | Date of a previous grant of shares with restrictions. |
| 03/10/2023 | Date of a previous grant of shares with restrictions. |
| 03/10/2025 | Date of RSU grant and vesting of performance-based restricted stock units. |
| 03/10/2026 | First vesting date for one-third of the RSUs granted on March 10, 2025. |
| 03/10/2027 | Second vesting date for one-third of the RSUs granted on March 10, 2025. |
| 03/10/2028 | Final vesting date for one-third of the RSUs granted on March 10, 2025. |
| 03/12/2025 | Date of signature for the Form 4 filing. |
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