Form 4: Old Dominion Freight Line Director Settles Phantom Stock Awards for Common Stock
SEC Form 4 Filing
Director Greg C. Gantt reports the settlement of phantom stock awards into Old Dominion Freight Line, Inc. common stock on February 1, 2025.
Summary
- Director Greg C. Gantt filed a Form 4 detailing changes in beneficial ownership of Old Dominion Freight Line, Inc. stock.
- The report covers the settlement of phantom stock awards into common stock on February 1, 2025.
- Gantt converted various phantom stock grants (2010-2015 and prior) into common stock.
- The transactions resulted in Gantt acquiring a total of 5,058 shares of common stock through the settlement of phantom stock.
- A portion of the acquired shares (2,033) were then disposed of to cover tax liabilities at a price of $185.61 per share.
- Following these transactions, Gantt directly owns 110,680 shares of common stock and indirectly owns 268 shares through a spouse's 401(k) plan.
- The phantom stock conversions reflect adjustments for previous stock splits.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing regarding stock transactions, with neutral sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency regarding the alignment of management's interests with those of shareholders.
Comparison to Industry Standards
- Stock-based compensation, including phantom stock, is a common practice among publicly traded companies to incentivize executives.
- Companies like FedEx (FDX) and UPS (UPS) also utilize stock-based compensation as part of their executive pay packages.
- The specific terms and conditions of phantom stock plans can vary significantly between companies.
Stakeholder Impact
- The transaction has a minor impact on shareholders as it reflects changes in insider ownership.
- The settlement of phantom stock awards is part of the executive compensation plan, impacting employee benefits.
Key Dates
| Date | Description |
|---|---|
| 2010 | Reference to phantom stock grants prior to 2010 |
| 2010-08-24 | Date of a three-for-two stock split. |
| 2011 | Reference to phantom stock grants in 2011 |
| 2012 | Reference to phantom stock grants in 2012 |
| 2012-09-10 | Date of a three-for-two stock split. |
| 2013 | Reference to phantom stock grants in 2013 |
| 2014 | Reference to phantom stock grants in 2014 |
| 2015 | Reference to phantom stock grants in 2015 |
| 2020-03-25 | Date of a three-for-two stock split. |
| 2024-03-28 | Date of a two-for-one stock split. |
| 2025-02-01 | Date of the phantom stock settlement and common stock acquisition/disposal. |
| 2025-02-04 | Date of the Form 4 filing. |
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