Form 4: Spire Inc. Executive Ryan L. Hyman Reports Acquisition of Phantom Stock

Ryan L. Hyman, SVP and CIIO of Spire Inc., acquired 720 shares of phantom stock as part of a deferred income plan.

Summary

• Ryan L. Hyman, a Senior Vice President and Chief Information and Innovation Officer at Spire Inc., reported a transaction involving phantom stock.
• On November 22, 2024, Mr. Hyman acquired 720 shares of phantom stock.
• This phantom stock was awarded as part of his election to defer time-vested restricted stock into his deferred income plan account.
• The phantom stock vests on November 22, 2027, and is economically equivalent to one share of Spire Inc. common stock.
• The phantom stock is payable in annual installments over 15 years, starting six months after his separation of employment.
• The phantom stock can be transferred to other investments within his deferred income plan account at least six months after vesting.
• Mr. Hyman also reported owning 15,123 shares of common stock directly.

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 the company's long-term performance.

Positives

• The acquisition of phantom stock indicates continued alignment of executive interests with the company's long-term performance.
• The deferred income plan allows for tax-advantaged savings and long-term wealth accumulation for the executive.

Risks

• The value of the phantom stock is tied to the performance of Spire Inc.'s common stock, which is subject to market fluctuations.
• The payout of the phantom stock is contingent on the executive's continued employment and separation from the company.

Future Outlook

The phantom stock will vest in 2027 and be paid out in annual installments over 15 years after the executive's separation from the company.

Industry Context

This type of executive compensation, involving phantom stock and deferred income plans, is common in publicly traded companies to align executive interests with long-term shareholder value.

Comparison to Industry Standards

• Many companies in the utilities sector, like Spire Inc., use deferred compensation plans and phantom stock as part of their executive compensation packages.
• These plans are designed to incentivize long-term performance and retention of key executives.
• The vesting period of three years for the phantom stock is within the typical range for such awards.
• The 15-year payout period after separation is a longer-term incentive structure, which is not uncommon but can vary by company.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns executive interests with long-term company performance.
• The transaction has a positive impact on the executive as it provides a long-term incentive and deferred compensation.

Key Dates

Keywords

phantom stock, deferred income plan, executive compensation, insider trading, Spire Inc., SR, Ryan L. Hyman