Form 4: Plexus CEO Reports Stock Transactions, PSU Vesting

Plexus Corp's President and CEO, Todd P. Kelsey, reported the vesting of performance stock units and related common stock transactions.

Summary

• Todd P. Kelsey, President and CEO of Plexus Corp, reported changes in his beneficial ownership of company securities.
• On November 12, 2025, 21,583 shares of common stock were acquired through the vesting of Performance Stock Units (PSUs).
• Concurrently, 10,145 shares of common stock were disposed of at a price of $146.24 per share, likely for tax withholding purposes.
• Following these transactions, Mr. Kelsey beneficially owns 70,152 shares of common stock directly.
• The vesting of PSUs was based on company performance during a three-year period, with 138% of the portion related to economic return goals vesting.
• An additional 5,943 Performance Stock Units were acquired, bringing the total beneficially owned derivative securities to 34,733 PSUs.
• The portion of PSUs vesting based on relative total shareholder return (TSR) has not yet concluded its three-year performance period.

Sentiment

Score: 7

Explanation: The high vesting percentage (138%) for economic return goals is a strong positive, indicating robust company performance in that area. While there was a share disposition, it is a common and expected event for tax purposes following equity vesting. Overall, the filing reflects positive performance-based compensation for the CEO.

Positives

• 138% of the Performance Stock Units (PSUs) related to economic return goals vested, indicating strong company performance in that area during the three-year period.
• The reporting person had the opportunity to earn up to 200% of the targeted amount based on economic return, and 138% vesting is a favorable outcome.

Negatives

• A disposition of 10,145 shares of common stock occurred, reducing direct beneficial ownership, although this is a common practice for tax withholding upon PSU vesting.

Future Outlook

The three-year performance period for the portion of Performance Stock Units that vests based on the relative total shareholder return (TSR) of the Company's common stock has yet to conclude.

Management Comments

• "Based on Company performance during the three-year performance period, 138% of the portion of the Performance Stock Units ('PSUs') granted in fiscal 2023 related to economic return goals vested."

Industry Context

This Form 4 filing details routine insider transactions related to executive compensation, specifically the vesting of performance-based equity awards and subsequent share dispositions, which are common practices across publicly traded companies.

Stakeholder Impact

• Shareholders may view the 138% vesting of economic return-based PSUs as a positive indicator of company performance and alignment of executive incentives.
• The disposition of shares, while common for tax purposes, represents a slight reduction in the CEO's direct ownership, which some investors might note.

Next Steps

• The conclusion of the three-year performance period for the relative total shareholder return (TSR) portion of the Performance Stock Units.

Key Dates

Keywords

Plexus Corp, PLXS, Todd P. Kelsey, Insider Transaction, Form 4, Performance Stock Units, PSU Vesting, Common Stock, Equity Compensation, CEO, Director