Form 4: Reading International Inc. Executive Gilbert Avanes Reports Stock Unit Vesting
SEC Form 4 Filing
EVP, CFO & Treasurer of Reading International Inc., Gilbert Avanes, reports the vesting of 5,677 restricted stock units, convertible to Class A Non-Voting Common Stock, on April 7, 2025.
Summary
- Gilbert Avanes, EVP, CFO & Treasurer of Reading International Inc., filed a Form 4 on April 8, 2025.
- The report details the vesting of 5,677 restricted stock units on April 7, 2025, which convert into Class A Non-Voting Common Stock.
- These units are part of a larger grant of 30,280 restricted stock units awarded on April 5, 2021, under the company's 2020 Stock Incentive Plan.
- The vesting schedule for the initial grant included annual installments and performance-based criteria assessed by the Compensation and Stock Option Committee.
- The committee certified the achievement of performance criteria for the years 2021, 2022 and 2023 on March 9, 2022, March 9, 2023 and April 5, 2024 respectively.
- The vested shares will be delivered to Avanes in accordance with their deferral election, increasing their direct holdings to 85,347 shares of Class A Non-Voting Common Stock.
Sentiment
Score: 5
Explanation: Neutral sentiment as it is a routine disclosure of stock unit vesting.
Positives
- The vesting of restricted stock units indicates continued employment and potentially satisfactory performance by the executive.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders.
Stakeholder Impact
- The vesting of stock units aligns executive compensation with shareholder interests.
Key Dates
| Date | Description |
|---|---|
| April 5, 2021 | Grant date of 30,280 restricted stock units under the 2020 Stock Incentive Plan. |
| April 5, 2022 | First annual installment vesting date for 22,710 restricted stock units. |
| March 9, 2022 | Committee determined and certified that the reporting person met 100% of the PRSU Criteria for the year ended December 31, 2021. |
| April 5, 2023 | Second annual installment vesting date for 22,710 restricted stock units. |
| March 9, 2023 | Committee determined and certified that the reporting person met 15% of PRSU criteria for the year ended December 31, 2022. |
| April 5, 2024 | Third annual installment vesting date for 22,710 restricted stock units and vesting date for 7,570 performance-based restricted stock units (PRSU). |
| April 5, 2024 | Committee determined and certified that the reporting person met 89% of PRSU criteria for the year ended December 31, 2023. |
| April 5, 2025 | Fourth annual installment vesting date for 22,710 restricted stock units and full vesting date for 5,677 restricted stock units. |
| April 7, 2025 | Transaction date for the vesting of 5,677 restricted stock units. |
| April 8, 2025 | Date of Form 4 filing. |
Keywords
Form 4, Reading International Inc, Gilbert Avanes, Restricted Stock Units, Vesting, Class A Non-Voting Common Stock, Stock Incentive Plan, EVP, CFO & Treasurer
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