Form 4: Progyny Executive Allison Swartz Receives Stock Options and Restricted Stock Units

EVP and General Counsel of Progyny, Allison Swartz, was granted stock options and restricted stock units as part of an annual merit grant.

Summary

• On March 4, 2024, Allison Swartz, EVP and General Counsel of Progyny, Inc., received an annual merit grant of 15,000 restricted stock units (RSUs) and options to purchase 45,000 shares of common stock.
• The RSUs and stock options were granted under the company's 2019 Equity Incentive Plan.
• The RSUs represent a contingent right to receive one share of Progyny common stock each.
• 25% of the RSUs and stock options will vest on March 4, 2025, with the remaining portion vesting in equal quarterly installments through March 4, 2028, contingent upon continued service.

Sentiment

Score: 7

Explanation: The document reflects a routine executive compensation matter, indicating stability and alignment of interests. It's a neutral to slightly positive signal.

Positives

• The grant of RSUs and stock options aligns the executive's interests with those of the shareholders.
• The vesting schedule incentivizes continued service and commitment to the company.

Risks

• The value of the RSUs and stock options is dependent on the future performance of Progyny's stock.
• The executive must remain employed by the company to fully vest the RSUs and stock options.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedule of the equity grants.

Industry Context

Equity grants are a common practice in the healthcare technology industry to attract, retain, and incentivize key executives.

Comparison to Industry Standards

• Equity compensation packages for executives in similar healthcare technology companies like Teladoc Health or Accolade often include a mix of stock options and restricted stock units.
• The vesting schedules are generally consistent with industry norms, typically ranging from three to five years with quarterly or annual vesting intervals.
• The size of the grant is likely determined by a number of factors including the executive's role, performance, and the company's overall compensation strategy.

Stakeholder Impact

• The equity grant aligns the executive's interests with those of the shareholders, potentially driving long-term value creation.
• Employees may view the grant as a positive sign of the company's commitment to its leadership.

Key Dates