Form 4: Plexus Regional President's Stock Transactions

Plexus Corp. Regional President Michael J. Running reported the vesting and exercise of performance stock units, alongside a related tax withholding transaction.

Summary

• Michael J. Running, Regional President AMER for Plexus Corp. (PLXS), reported transactions involving common stock and performance stock units (PSUs).
• On November 12, 2025, 1,255 shares of common stock were acquired upon the exercise/conversion of derivative securities (PSUs).
• Following this, 590 shares of common stock were disposed of on November 12, 2025, at a price of $146.24 per share, primarily for the payment of tax liability.
• An additional 345 Performance Stock Units were acquired on November 12, 2025.
• The vesting of PSUs granted in fiscal 2023 related to economic return goals was based on 138% of the targeted amount due to company performance.
• The three-year performance period for PSUs based on relative total shareholder return (TSR) against the S&P 400 Index has not yet concluded.
• Running had the opportunity to earn up to 200% of the targeted amount for economic return and up to 150% for TSR.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions related to executive compensation, including the vesting of performance stock units and a tax-related share disposition. There are no unexpected positive or negative developments that would significantly alter the company's outlook or investor sentiment.

Positives

• The vesting of Performance Stock Units at 138% of the targeted amount for economic return goals indicates strong company performance in that area during the three-year performance period.

Future Outlook

The performance period for the portion of Performance Stock Units that vests based on the relative total shareholder return (TSR) of Plexus Corp.'s common stock compared to companies in the S&P 400 Index has not yet concluded, indicating potential future vesting events.

Industry Context

This Form 4 filing details a routine insider transaction related to executive compensation, specifically the vesting and exercise of performance-based equity awards. Such transactions are common across industries as a mechanism for aligning executive incentives with company performance and shareholder value.

Stakeholder Impact

• Shareholders: The vesting of PSUs indicates that certain performance targets were met, which can be viewed positively. The tax-related sale is a standard part of executive compensation and does not reflect a discretionary sale of shares by the insider.

Next Steps

• Conclusion of the three-year performance period for Performance Stock Units tied to relative total shareholder return (TSR) against the S&P 400 Index, which will determine further vesting.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to executive compensation, specifically the vesting and exercise of performance stock units and a subsequent tax-related share disposition. While the vesting at 138% for economic return goals is positive, these transactions do not provide new fundamental information about the company's operational performance, strategic direction, or financial health that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as the filing does not present a catalyst for significant price movement or a re-evaluation of the company's intrinsic value.

Keywords

PLEXUS CORP, PLXS, Form 4, Insider Transaction, Executive Compensation, Performance Stock Units, Common Stock, Stock Vesting