Form 4: SPX Technologies Executive Reports Stock Transactions
SEC Form 4 Filing
John William Swann III, a top executive at SPX Technologies, reports the disposition of shares to cover withholding taxes and ongoing holdings of common stock and stock options.
Summary
- On March 1, 2024, John William Swann III, President of Detection & Measurement at SPX Technologies, engaged in transactions involving SPXC common stock.
- Swann disposed of 1,352 shares of common stock at a price of $117.19 to cover withholding taxes related to the vesting of restricted stock units.
- Following the transaction, Swann directly owns 89,292 shares of common stock, which includes unvested restricted stock units.
- Swann also indirectly owns 4,049 shares through a 401(k) plan.
- The report details Swann's holdings of employee stock options with various exercise prices and expiration dates, vesting in installments.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a routine filing indicating standard executive compensation practices. There are no explicit positive or negative implications for the company's performance.
Positives
- The executive's continued holding of a significant number of shares and stock options indicates confidence in the company's future performance.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates standard compensation practices and tax obligations.
Comparison to Industry Standards
- Executive compensation packages including stock options and restricted stock units are common among publicly traded companies like SPX Technologies.
- The vesting schedules and exercise prices of the stock options appear to be within typical ranges for similar companies.
- Companies like Danaher, Fortive, and Roper Technologies also utilize similar equity-based compensation strategies to align executive interests with shareholder value.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and stock ownership.
- Employees holding similar stock options and restricted stock units may be interested in the vesting schedules and tax implications.
Key Dates
| Date | Description |
|---|---|
| 02/22/2019 | First vesting date of employee stock option with exercise price $32.69. |
| 02/21/2020 | First vesting date of employee stock option with exercise price $36.51. |
| 02/20/2021 | First vesting date of employee stock option with exercise price $50.09. |
| 02/22/2021 | Grant date of employee stock option with exercise price $32.69. |
| 02/21/2022 | Grant date of employee stock option with exercise price $36.51. |
| 03/01/2022 | First vesting date of employee stock option with exercise price $58.34. |
| 02/20/2023 | Grant date of employee stock option with exercise price $50.09. |
| 03/01/2023 | First vesting date of employee stock option with exercise price $48.97. |
| 03/01/2024 | Transaction date: Disposition of shares for tax withholding and grant date of employee stock option with exercise price $58.34. |
| 03/01/2024 | First vesting date of employee stock option with exercise price $71.93. |
| 02/28/2025 | First vesting date of employee stock option with exercise price $116.40. |
| 03/01/2025 | Grant date of employee stock option with exercise price $48.97. |
| 03/01/2026 | Grant date of employee stock option with exercise price $71.93. |
| 02/22/2028 | Expiration date of employee stock option with exercise price $32.69. |
| 02/21/2029 | Expiration date of employee stock option with exercise price $36.51. |
| 02/20/2030 | Expiration date of employee stock option with exercise price $50.09. |
| 03/01/2031 | Expiration date of employee stock option with exercise price $58.34. |
| 03/01/2032 | Expiration date of employee stock option with exercise price $48.97. |
| 03/01/2033 | Expiration date of employee stock option with exercise price $71.93. |
| 02/28/2034 | Expiration date of employee stock option with exercise price $116.40. |
| 03/05/2024 | Date of Form 4 signature. |
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