Form 4: Reading International Inc. Executive Smerling Receives Shares from Vested Restricted Stock Units
SEC Form 4
Robert F. Smerling, President U.S. Cinemas at Reading International Inc., received 4,783 shares of Class A Non-Voting Common Stock upon vesting of restricted stock units on March 11, 2024.
Summary
- Robert F. Smerling, President U.S. Cinemas at Reading International Inc., reported a transaction on March 11, 2024, related to the vesting of restricted stock units.
- Smerling received 4,783 shares of Class A Non-Voting Common Stock as a result of the vesting.
- These restricted stock units were part of a grant of 25,511 units made on March 10, 2020, under the company's 2010 Stock Incentive Plan.
- The vested shares will be delivered to Smerling in accordance with their irrevocable deferral election.
- Following the transaction, Smerling directly owns 42,286 shares of Class A Non-Voting Common Stock.
Sentiment
Score: 5
Explanation: This is a neutral event. It reflects the normal course of executive compensation and doesn't inherently indicate positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates the vesting of previously granted equity compensation.
Stakeholder Impact
- The vesting of restricted stock units may have a minor dilutive effect on existing shareholders.
Key Dates
| Date | Description |
|---|---|
| 03/10/2020 | Grant date of 25,511 restricted stock units under the 2010 Stock Incentive Plan. |
| 03/10/2021 | First vesting date for 19,134 restricted stock units in four equal annual installments. |
| 03/09/2022 | Committee determined and certified that the report person met 100% of the PRSU criteria for the year ended December 31, 2021. |
| 03/10/2022 | Second vesting date for 19,134 restricted stock units in four equal annual installments. |
| 03/09/2023 | Committee determined and certified that the reporting person met 15% of PRSU criteria for the year ended December 31, 2022. |
| 03/10/2023 | Third vesting date for 19,134 restricted stock units in four equal annual installments and vesting date for 6,377 performance based restricted stock units (PRSU). |
| 03/11/2024 | Date of transaction: 4,783 restricted stock units fully vested and shares of Class A Common Stock will be delivered. |
| 03/13/2024 | Date of signature for the Form 4 filing. |
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