Form 4: Plexus Executive Vests PSUs, Sells Shares

Plexus Corp. Executive Vice President Angelo Ninivaggi reported the vesting of performance stock units and subsequent sale of common stock for tax purposes.

Summary

• Angelo Michael Ninivaggi Jr., Executive VP, CAO, General Counsel & Secretary of PLEXUS CORP (PLXS), reported transactions on November 12, 2025.
• Acquired 3,767 shares of Common Stock upon the vesting of Performance Stock Units (PSUs).
• Disposed of 1,771 shares of Common Stock at a price of $146.24 per share, likely for tax withholding related to the vesting.
• Beneficial ownership of Common Stock following these transactions is 22,891 shares.
• Disposed of 3,767 Performance Stock Units (PSUs) due to maturity/conversion.
• Acquired 1,037 Performance Stock Units (PSUs).
• Beneficial ownership of Performance Stock Units following these transactions is 2,300 units.
• 138% of the portion of PSUs granted in fiscal 2023 related to economic return goals vested.
• The vesting for the portion of PSUs based on relative total shareholder return (TSR) compared to the S&P 400 Index is still pending.

Sentiment

Score: 7

Explanation: The vesting of performance stock units at 138% of economic return goals is a positive indicator of company performance and executive compensation alignment. The subsequent sale of shares is a routine tax-related event, not indicative of negative sentiment.

Positives

• A significant portion (138%) of the Performance Stock Units tied to economic return goals vested, indicating strong company performance in that area.
• The executive's compensation structure is aligned with company performance metrics.

Negatives

• The sale of 1,771 shares, while common for tax purposes, reduces the executive's direct equity stake.

Future Outlook

The vesting of the portion of Performance Stock Units tied to the relative total shareholder return (TSR) of the Company's common stock compared to companies in the S&P 400 Index has yet to conclude.

Management Comments

• Company performance during the three-year performance period resulted in 138% vesting of the portion of Performance Stock Units related to economic return goals.
• The reporting person had the opportunity to earn up to 200% of the targeted amount based on economic return and up to 150% based on total shareholder return.

Industry Context

This Form 4 filing represents a routine insider transaction, common for executives receiving performance-based equity compensation. The vesting of PSUs at 138% for economic return goals suggests strong performance in that specific area, which is a positive signal for the company's operational efficiency and profitability within its industry.

Comparison to Industry Standards

• Not applicable for an insider transaction report, as this filing details an individual executive's stock transactions rather than company-wide performance against industry benchmarks.

Stakeholder Impact

• Shareholders gain transparency into executive compensation and equity ownership, which can influence perceptions of management alignment and company performance.
• The vesting at 138% for economic return goals suggests positive operational performance, potentially benefiting all stakeholders.

Next Steps

• Conclusion of the three-year performance period for the portion of Performance Stock Units that vests based on relative total shareholder return (TSR).

Key Dates

Recommendation

This Form 4 filing details a routine insider transaction involving the vesting of performance-based equity and a tax-related sale. It does not provide new material information that would fundamentally alter the investment thesis for Plexus Corp. The vesting at 138% for economic return goals is a positive sign for executive compensation and company performance in that area, but it's not a catalyst for a change in recommendation.

Keywords

PLEXUS CORP, PLXS, Form 4, Insider Transaction, Executive Compensation, Performance Stock Units, Stock Vesting, Equity Sales, Corporate Governance