Form 4: Plexus Corp Exec VP & COO Oliver K. Mihm Reports Stock Transactions

Oliver K. Mihm, Executive VP & COO of Plexus Corp, reports the vesting and conversion of performance stock units and subsequent stock transactions.

Summary

• Oliver K. Mihm, an Executive VP & COO at Plexus Corp, filed a Form 4 detailing changes in beneficial ownership.
• On February 11, 2025, Mihm converted 4,200 Performance Stock Units (PSUs) into common stock.
• These PSUs vested based on the company's performance during a three-year period, specifically related to the relative total shareholder return (TSR) compared to companies in the S&P 400 Index.
• The vesting percentage was 150% of the originally reported targeted amount of PSUs.
• Following the conversion, Mihm disposed of 1,974 shares to cover tax obligations at a price of $140.83 per share.
• After these transactions, Mihm directly owns 23,257 shares of Plexus Corp common stock and indirectly owns 981 shares through a 401(k) plan.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to the vesting of performance stock units above the target level, indicating strong company performance. However, the subsequent sale of shares to cover taxes is a neutral event.

Positives

• The vesting of PSUs at 150% suggests strong company performance relative to the S&P 400 Index during the performance period.

Industry Context

Form 4 filings are standard disclosures required by the SEC to provide transparency into the transactions of company insiders. This filing indicates activity related to executive compensation and stock ownership.

Comparison to Industry Standards

• Executive compensation packages often include performance-based equity awards like PSUs to align management's interests with shareholder value.
• The vesting of PSUs based on TSR relative to the S&P 400 is a common benchmark used by companies to incentivize performance.
• Similar companies like Jabil and Flex also utilize equity-based compensation and are subject to similar reporting requirements.

Stakeholder Impact

• Shareholders may view the vesting of PSUs positively, as it reflects strong company performance.
• The transactions have a minor impact on the overall shareholding structure.

Key Dates