Form 4: Paylocity Director Jeffrey T. Diehl Receives Restricted Stock Units
SEC Form 4 Filing
Director Jeffrey T. Diehl receives restricted stock units in Paylocity Holding Corp, vesting quarterly over one year.
Summary
- On August 15, 2024, Jeffrey T. Diehl, a director of Paylocity Holding Corp, was granted 1,338 restricted stock units (RSUs).
- These RSUs will vest 25% quarterly, completing on the first anniversary of the grant date.
- Each RSU entitles Diehl to one share of Paylocity's common stock.
- Diehl also indirectly owns shares through various Adams Street Partners funds.
- Diehl disclaims beneficial ownership of the RSUs except to the extent of his pecuniary interest therein.
Sentiment
Score: 7
Explanation: The document reflects a standard executive compensation practice, which is generally viewed neutrally to positively as it aligns management interests with shareholders.
Positives
- The grant of RSUs aligns Diehl's interests with those of Paylocity's shareholders.
- The vesting schedule encourages Diehl's continued service and contribution to the company.
Future Outlook
The RSUs will vest quarterly, with full vesting on the first anniversary of the grant date, suggesting a continued alignment of Diehl's interests with the company's performance.
Management Comments
- Mr. Diehl disclaims beneficial ownership of the RSUs except to the extent of his pecuniary interest therein.
Industry Context
Grants of restricted stock units are a common form of executive compensation in the tech industry, aligning management's interests with shareholder value.
Comparison to Industry Standards
- Equity grants are a standard component of compensation packages for directors and executives in publicly traded companies, particularly in the technology sector.
- Companies like Workday, ADP, and Oracle also utilize equity-based compensation to incentivize their leadership teams.
- The vesting schedule of 25% quarterly over one year is a relatively standard vesting period for RSUs.
Stakeholder Impact
- Shareholders may view the RSU grant positively as it incentivizes the director to contribute to the company's long-term success.
Key Dates
| Date | Description |
|---|---|
| 08/15/2024 | Date of transaction: Grant of restricted stock units. |
| 08/19/2024 | Date of signature by attorney-in-fact. |
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.