Form 4: RBC Bearings CEO Michael Hartnett Reports Stock Transactions
SEC Form 4 Filing
Michael Hartnett, President and CEO of RBC Bearings, reports the withholding of shares to cover tax liabilities and details of stock options and restricted stock.
Summary
- On June 3, 2024, Michael Hartnett, the President and CEO of RBC Bearings, reported transactions involving the company's stock.
- 17,575 shares were withheld by the company to cover tax liabilities related to the vesting of restricted stock at a price of $295.28 per share.
- Following the transaction, Hartnett directly owns 293,039 shares of common stock.
- This includes 48,297 shares of restricted stock vesting over the next three years.
- Hartnett also holds options to purchase common stock: 45,600 options exercisable at $143.92, 47,114 options exercisable at $137.44 (some unvested), and 76,000 options exercisable at $199.16 (some unvested).
Sentiment
Score: 5
Explanation: The document is a neutral report of stock transactions, with no inherent positive or negative sentiment.
Industry Context
This filing is a routine disclosure of insider transactions, which are common for executives of publicly traded companies. It provides transparency into their holdings and trading activities.
Comparison to Industry Standards
- Comparing RBC Bearings' executive compensation and stock ownership with peers like Timken, SKF, and Schaeffler would provide a broader context.
- Analyzing the vesting schedules of restricted stock and the terms of stock options against industry norms can reveal whether RBC Bearings' practices are competitive.
- Benchmarking the percentage of executive stock ownership against similar-sized companies in the industrial sector can offer insights into alignment with shareholder interests.
Stakeholder Impact
- Shareholders may be interested in the CEO's stock transactions as an indicator of confidence in the company.
- The transactions have a minor impact on the overall shareholding structure.
Key Dates
| Date | Description |
|---|---|
| 06/03/2022 | Date of some stock options to purchase Common Stock |
| 06/02/2022 | Date of some stock options to purchase Common Stock |
| 05/23/2025 | First vesting date for 17,167 restricted shares (1/3 of which vest on this date) |
| 06/01/2025 | First vesting date for 21,110 restricted shares (1/2 of which vest on this date) |
| 06/03/2024 | Date of reported stock transactions; shares withheld for tax liability |
| 06/02/2025 | Vesting date for 11,778 options to purchase Common Stock |
| 06/03/2025 | Vesting date for 30,400 options to purchase Common Stock (1/2 of which vest on this date) |
| 06/03/2026 | Expiration date for some stock options to purchase Common Stock |
| 06/01/2026 | Second vesting date for 21,110 restricted shares (1/2 of which vest on this date) |
| 05/23/2026 | Second vesting date for 17,167 restricted shares (1/3 of which vest on this date) |
| 06/02/2027 | Expiration date for some stock options to purchase Common Stock |
| 05/23/2027 | Final vesting date for 17,167 restricted shares (1/3 of which vest on this date) |
| 06/03/2028 | Expiration date for some stock options to purchase Common Stock |
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