Form 4: Plexus CFO Reports Stock Sale, PSU Vesting

Plexus Corp.'s Executive VP & CFO, Patrick Jermain, reported recent stock transactions including a sale of common stock and the vesting of performance stock units.

Summary

• Patrick John Jermain, Executive VP & CFO of Plexus Corp. (PLXS), filed a Form 4 detailing recent transactions.
• On November 11, 2025, Jermain sold 2,000 shares of common stock at a price of $143.535 per share.
• On November 12, 2025, 6,458 shares of common stock were acquired due to the vesting of Performance Stock Units (PSUs).
• Also on November 12, 2025, 3,036 shares of common stock were disposed of at $146.24, likely for tax withholding related to the PSU vesting.
• An additional 1,778 Performance Stock Units were acquired on November 12, 2025.
• Following these transactions, Jermain beneficially owns 20,383 shares of common stock directly and 3,719 shares indirectly through a 401(k) plan.
• The transaction on November 11, 2025, was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions, including a pre-planned stock sale and the vesting of performance-based compensation, which are expected events and do not inherently indicate a positive or negative shift in company fundamentals or outlook.

Positives

• The vesting of 6,458 Performance Stock Units (PSUs) indicates that 138% of the fiscal 2023 economic return goals portion of the PSUs were achieved.
• The opportunity to earn up to 200% of the targeted amount based on economic return and up to 150% based on total shareholder return (TSR) for the PSUs demonstrates strong incentive alignment with company performance.

Negatives

• The sale of 2,000 shares of common stock by a key executive, although potentially pre-planned, reduces direct ownership.
• The disposition of 3,036 shares for tax withholding reduces the net shares received from PSU vesting.

Future Outlook

The three-year performance period for the portion of the Performance Stock Units that vests based on the relative total shareholder return (TSR) of the Company's common stock as compared to companies in the S&P 400 Index has yet to conclude, indicating potential future vesting events.

Management Comments

• 138% of the portion of the Performance Stock Units granted in fiscal 2023 related to economic return goals vested.
• The reporting person had the opportunity to earn up to 200% of the targeted amount based on ER originally reported and has the opportunity to earn up to 150% of the targeted amount based on TSR originally reported.

Industry Context

Form 4 filings are standard disclosures for executives of publicly traded companies, detailing changes in their beneficial ownership. These transactions, particularly when executed under a Rule 10b5-1 plan, are often pre-scheduled and do not necessarily signal a change in management's outlook on the company's future.

Stakeholder Impact

• Shareholders: The sale of shares by a key executive, even if pre-planned, could be perceived negatively by some, though the vesting of performance units demonstrates alignment with company performance.
• Employees: The vesting of performance stock units highlights the company's compensation structure tied to performance metrics.

Next Steps

• Conclusion of the three-year performance period for the portion of Performance Stock Units vesting based on relative total shareholder return (TSR) compared to the S&P 400 Index.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions, including a pre-planned stock sale and the vesting of performance-based compensation. While the vesting of PSUs indicates achievement of economic return goals, the sale of shares is a common occurrence for executives managing their personal portfolios. The information provided in a Form 4 is insufficient to make a definitive 'buy' or 'sell' recommendation, and these transactions are generally not indicative of a significant change in the company's fundamental value or strategic direction. Investors should 'hold' and look to broader financial reports for investment decisions.

Keywords

Plexus Corp, PLXS, Form 4, insider trading, stock sale, PSU vesting, executive compensation, Rule 10b5-1, common stock