Form 4: Plexus COO Sells Shares After PSU Vesting

Plexus Corp's Executive VP & COO, Oliver K. Mihm, sold a significant number of common shares following the vesting of performance stock units.

Summary

• Oliver K. Mihm, Executive VP & COO of Plexus Corp (PLXS), reported transactions involving company common stock and Performance Stock Units (PSUs).
• On February 17, 2026, 4,357 Performance Stock Units (PSUs) vested, converting into common stock.
• The vesting was based on company performance, with 142.4% of the fiscal 2023 PSUs related to relative total shareholder return (TSR) vesting, out of a possible 150%.
• Following the vesting, Mihm disposed of 2,048 shares for tax withholding at $195.95 per share.
• He also sold 2,226 shares at $198.785 per share on February 17, 2026.
• An additional 9,541 shares were sold on February 18, 2026, at a weighted average price of $201.40 per share (ranging from $201.40 to $201.41).
• After these transactions, Mihm directly owns 12,809 shares and indirectly owns 981 shares in the 401(k) plan.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a largely neutral event, as insider sales post-vesting are common. The high vesting percentage of PSUs is a positive indicator of company performance.

Positives

• Performance Stock Units (PSUs) vested at 142.4% of the targeted amount, indicating strong company performance relative to the S&P 400 Index's total shareholder return during the three-year performance period.

Negatives

• The Executive VP & COO sold a substantial number of shares (2,048 for tax, 2,226, and 9,541 shares) following the vesting of PSUs, reducing his direct beneficial ownership.

Future Outlook

This filing does not contain forward-looking statements or guidance, as it is a report of historical insider transactions.

Management Comments

• The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

Industry Context

StockSavvy.ai notes that insider sales, especially following equity awards vesting, are common and do not necessarily signal a negative outlook. However, the volume of sales can sometimes be scrutinized by investors for insights into management's confidence.

Comparison to Industry Standards

• The vesting of Performance Stock Units at 142.4% of the target suggests strong relative performance against the S&P 400 Index, which is a positive indicator for Plexus Corp compared to a broad market benchmark.
• Insider sales after vesting are a standard practice across industries, often for tax purposes or portfolio diversification, similar to executives at companies like Jabil Inc. or Celestica Inc.

Stakeholder Impact

• Shareholders: The sale of shares by a key executive could be viewed with slight caution, though it is a common practice after vesting. The strong PSU vesting percentage is positive for shareholder value, reflecting good company performance.

Key Dates

Recommendation

The filing primarily details routine insider transactions following the vesting of performance-based equity. While the executive sold a significant number of shares, this is a common practice for tax planning and portfolio diversification after equity awards vest, especially given the strong 142.4% vesting rate of the PSUs. There is no new fundamental information about the company's operations or future prospects that would warrant a change in investment thesis based solely on this Form 4. Therefore, a 'hold' recommendation is appropriate, maintaining current positions while awaiting further operational updates.

Keywords

Plexus Corp, PLXS, Insider Trading, Form 4, Stock Sale, Performance Stock Units, Executive Compensation, Oliver K. Mihm