Form 4: SPX Technologies VP John Nurkin Reports Changes in Beneficial Ownership
SEC Form 4
John Nurkin, VP, General Counsel & Secretary of SPX Technologies, reports changes in beneficial ownership of company stock due to tax withholding and vesting of restricted stock units.
Summary
- On March 1, 2024, John Nurkin, VP, General Counsel & Secretary of SPX Technologies, had shares delivered to the issuer for the payment of withholding taxes due upon the vesting of restricted stock units previously granted under the SPX 2019 Stock Compensation Plan.
- This transaction involved 1,115 shares of common stock at a price of $117.19.
- Following the reported transaction, Nurkin directly owns 80,618 shares of common stock, which includes unvested restricted stock units, and indirectly owns 21,968 shares through a 401(k) plan.
- Nurkin also holds employee stock options to purchase common stock at various prices and vesting schedules.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral.
Industry Context
This Form 4 filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their transactions in company stock. It is a standard practice for executives to manage their equity compensation, including stock options and restricted stock units, and to report these transactions to the public.
Comparison to Industry Standards
- Form 4 filings are standard practice across all publicly traded companies and are mandated by the SEC to ensure transparency in insider trading.
- The vesting schedules and option grants are typical forms of executive compensation, aligning with industry norms for incentivizing and retaining key personnel.
- Companies like General Electric, Honeywell, and Siemens also utilize similar stock compensation plans for their executives.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
- Employees holding similar stock options and restricted stock units may be interested in the vesting schedules and tax implications.
Key Dates
| Date | Description |
|---|---|
| 02/22/2021 | Date of employee stock option grant with an exercise price of $32.69, vesting in three equal installments beginning on this date. |
| 02/21/2022 | Date of employee stock option grant with an exercise price of $36.51, vesting in three equal installments beginning on this date. |
| 02/20/2023 | Date of employee stock option grant with an exercise price of $50.09, vesting in three equal installments beginning on this date. |
| 03/01/2024 | Transaction date: Shares delivered to the issuer for payment of withholding taxes; Date of employee stock option grant with an exercise price of $58.34, vesting in three equal installments beginning on March 1, 2022; Date of employee stock option grant with an exercise price of $48.97, vesting in three equal installments beginning on March 1, 2023; Date of employee stock option grant with an exercise price of $71.93, vesting in three equal installments beginning on March 1, 2024. |
| 03/05/2024 | Date of signature for the Form 4 filing. |
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