Form 4: STERIS plc CFO Michael Tokich Reports Share Withholding for Tax Obligations

Michael Tokich, CFO of STERIS plc, reports the withholding of shares to cover tax obligations upon the vesting of restricted stock awards.

Summary

• On June 3, 2024, Michael Tokich, the Senior Vice President and CFO of STERIS plc, had shares withheld to cover tax obligations related to the vesting of restricted stock.
• A total of 1,100 shares were withheld from 2,452 restricted shares that vested, representing the tax value from shares awarded on June 1, 2020.
• Additionally, 771 shares were withheld from 1,719 restricted shares that vested, covering taxes from shares awarded on June 2, 2021.
• Furthermore, 506 shares were withheld from 1,128 restricted shares that vested, accounting for taxes from shares awarded on June 2, 2022.
• The withholding price was $228.37 per share, based on the NYSE closing market price on June 3, 2024.
• Following these transactions, Mr. Tokich directly owns 39,507 ordinary shares, with 4,863 of these shares remaining restricted and vesting at various dates in the future.
• He also indirectly owns 3,557 ordinary share equivalents through the STERIS Corporation 401(k) Plan as of May 31, 2024.

Sentiment

Score: 5

Explanation: This is a routine regulatory filing related to executive compensation. It doesn't contain information that would significantly impact investor sentiment positively or negatively.

Industry Context

This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It reflects standard practices for managing tax obligations associated with equity-based compensation.

Comparison to Industry Standards

• Equity compensation is a common practice among publicly traded companies like STERIS plc to align executive interests with shareholder value.
• Companies such as Medtronic, Boston Scientific, and Johnson & Johnson also utilize restricted stock units (RSUs) as part of their executive compensation packages.
• The vesting schedules and tax withholding practices described in this filing are consistent with industry norms for RSU grants.
• The number of shares withheld for tax obligations is proportional to the value of the vested shares and the applicable tax rates, which aligns with standard financial practices.

Stakeholder Impact

• The share withholding has a neutral impact on shareholders as it is a standard procedure for tax obligations related to executive compensation.
• The transaction affects Mr. Tokich's direct share ownership, but it is a planned part of his compensation package.

Key Dates