Form 4: Sonoco Products Co. Executive Receives Phantom Stock Units
Executive Compensation Filing
Theresa J. Drew, an executive at Sonoco Products Co., was granted phantom stock units as part of a deferred compensation plan.
Summary
- Theresa J. Drew, an executive at Sonoco Products Co., received phantom stock units on December 10, 2024.
- The phantom stock units are part of the company's directors' deferred compensation plan.
- Each phantom stock unit is economically equivalent to one share of Sonoco Products Company common stock.
- The units were acquired as a quarterly dividend and will be settled upon Ms. Drew's retirement or termination of service.
- The price of the common stock at the time of the grant was $157.30 per share.
Sentiment
Score: 7
Explanation: The document reflects a routine executive compensation transaction, which is generally viewed neutrally to slightly positive as it aligns executive interests with company performance.
Positives
- The grant of phantom stock units aligns executive compensation with company performance.
- The deferred compensation plan may incentivize long-term commitment from the executive.
Future Outlook
The phantom stock units will be settled upon the reporting person's retirement or other termination of service.
Industry Context
The use of phantom stock units is a common practice in executive compensation, particularly in publicly traded companies, to align executive interests with shareholder value.
Comparison to Industry Standards
- Many companies use phantom stock or similar instruments as part of their executive compensation packages.
- The value of the grant is relatively small compared to typical executive compensation packages at large public companies.
- The use of deferred compensation is a standard practice to retain key personnel.
Stakeholder Impact
- The grant of phantom stock units has a minor positive impact on shareholders by aligning executive interests with company performance.
Key Dates
| Date | Description |
|---|---|
| 2024-12-10 | Date of phantom stock unit grant to Theresa J. Drew. |
| 2024-12-12 | Date of filing of the transaction. |
Keywords
phantom stock, deferred compensation, executive compensation, Sonoco Products Co., stock units
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