Form 4: Spire Inc. Director Sheri S. Cook Reports Acquisition of Phantom Stock
SEC Form 4
Director Sheri S. Cook reports the acquisition of phantom stock related to deferred restricted stock awards.
Summary
- On February 7, 2025, Sheri S. Cook, a director of Spire Inc., acquired phantom stock related to deferred restricted stock awards.
- The phantom stock was acquired as a result of Ms. Cook's election to defer time-vested restricted stock into her deferred income plan account.
- A total of 1,750 shares of phantom stock were acquired in five separate transactions, each involving 350 shares.
- The price of the underlying common stock for each phantom stock acquisition was $71.38.
- The phantom stock vests on August 7, 2025, and is payable in cash in January of 2032, 2033, 2034, 2035 and 2036 respectively.
- Each share of phantom stock is the economic equivalent of one share of Spire Inc. common stock.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive as it reflects standard executive compensation practices and insider investment in the company's future.
Positives
- The acquisition of phantom stock indicates Ms. Cook's continued investment in Spire Inc.'s future.
Future Outlook
The phantom stock vests on August 7, 2025, and is payable in cash in January of 2032, 2033, 2034, 2035 and 2036.
Industry Context
This filing is a routine disclosure related to executive compensation and deferred income plans, common in publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages often include deferred stock or phantom stock to align executive interests with long-term shareholder value.
- Companies like NiSource and Atmos Energy also utilize similar deferred compensation plans for their executives.
- The vesting schedules and payout structures are generally comparable to industry norms.
Stakeholder Impact
- The acquisition of phantom stock aligns the director's interests with those of the shareholders, potentially encouraging decisions that benefit long-term company performance.
Key Dates
| Date | Description |
|---|---|
| 04/01/2024 | Date of Power of Attorney execution. |
| 02/07/2025 | Date of phantom stock acquisition. |
| 08/07/2025 | Vesting date of the phantom stock. |
| 01/2032 | Date of first cash payment for phantom stock. |
| 01/2033 | Date of second cash payment for phantom stock. |
| 01/2034 | Date of third cash payment for phantom stock. |
| 01/2035 | Date of fourth cash payment for phantom stock. |
| 01/2036 | Date of fifth cash payment for phantom stock. |
| 02/11/2025 | Date of Form 4 signature. |
Keywords
Form 4, Spire Inc., Director, Sheri S. Cook, Phantom Stock, Deferred Income Plan, Restricted Stock, Beneficial Ownership
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