Form 4: Reynolds Consumer Products Executive Awarded 20,594 Restricted Stock Units After Performance Targets Met

Christopher Corey, President of Presto Products at Reynolds Consumer Products Inc., received 20,594 restricted stock units (RSUs) after performance share units (PSUs) were converted based on the company's 2024 performance.

Summary

• Christopher Corey, President of Presto Products at Reynolds Consumer Products Inc., was awarded 20,594 restricted stock units (RSUs).
• These RSUs were converted from performance share units (PSUs) that were granted on February 1, 2024.
• The number of PSUs earned was determined based on the company's performance during fiscal year 2024.
• The performance conditions were met, resulting in the conversion of 20,594 PSUs to RSUs on January 29, 2025.
• The RSUs will vest on February 1, 2027.

Sentiment

Score: 7

Explanation: The document reflects a positive outcome of performance targets being met, leading to the vesting of equity for a key executive. This is a standard practice and does not indicate any significant positive or negative sentiment.

Positives

• The vesting of performance share units indicates that the company met its performance targets for fiscal year 2024.
• The award of RSUs to a key executive aligns their interests with the long-term success of the company.

Industry Context

This type of equity-based compensation is common practice for publicly traded companies to incentivize and retain key executives.

Comparison to Industry Standards

• Equity-based compensation, such as RSUs and PSUs, is a standard practice among publicly traded companies like Reynolds Consumer Products.
• Companies such as Berry Global and Amcor also use similar compensation structures to align executive interests with shareholder value.
• The vesting period of the RSUs, which is approximately two years, is within the typical range for such awards.

Stakeholder Impact

• The award of RSUs to a key executive aligns their interests with the long-term success of the company, which is beneficial for shareholders.
• The vesting of these units is contingent on continued service, which can help with executive retention.

Key Dates

Keywords

Restricted Stock Units, Performance Share Units, Executive Compensation, Stock Awards, Reynolds Consumer Products, Presto Products, Christopher Corey