Form 4: Spire Inc. Executive Scott Doyle Acquires Phantom Stock Through Deferred Compensation Plan

Spire Inc.'s EVP and COO, Scott Doyle, acquired phantom stock units through a deferred income plan, linked to previously awarded restricted stock.

Summary

• Scott Doyle, EVP and COO of Spire Inc., acquired 2,240 phantom stock units on November 22, 2024.
• These phantom stock units were acquired through his election to defer previously awarded time-vested restricted stock into his deferred income plan account.
• The phantom stock units are equivalent to Spire Inc. common stock and vest on November 22, 2027.
• The phantom stock units are payable in cash in January of 2029, 2030, 2031, 2032 and 2033, with 448 units payable in each of those years.
• The price of the underlying common stock at the time of the transaction was $72.55 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 the company's long-term performance.

Positives

• The acquisition of phantom stock aligns the executive's interests with the long-term performance of the company.
• The deferred compensation plan allows for tax advantages for the executive.

Future Outlook

The phantom stock units will vest on November 22, 2027, and will be paid out in cash in January of 2029, 2030, 2031, 2032 and 2033.

Industry Context

This is a standard practice for executive compensation, using deferred stock to align executive interests with long-term company performance.

Comparison to Industry Standards

• Deferred compensation plans, including phantom stock, are common among publicly traded companies, particularly in the utility sector, to incentivize and retain key executives.
• Companies like Southern Company (SO) and Duke Energy (DUK) also utilize similar long-term incentive plans for their executives.
• The vesting period of three years is typical for such awards, aligning with industry norms for long-term performance incentives.

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.

Key Dates

Keywords

phantom stock, deferred compensation, insider transaction, executive compensation, Spire Inc., SR, Scott Doyle