Form 4: STERIS plc Executive Daniel Carestio Reports Share Disposals for Tax Obligations
SEC Form 4 Filing
Daniel Carestio, President and CEO of STERIS plc, disposed of shares to cover tax obligations related to vesting restricted stock units.
Summary
- On June 3 and 4, 2024, Daniel A. Carestio, President and CEO of STERIS plc, disposed of ordinary shares to cover tax obligations.
- These disposals were related to the vesting of restricted stock units (RSUs) previously awarded to Mr. Carestio.
- A total of 480 shares were withheld from 1,108 shares vesting on June 3, 2024, from an award on June 1, 2020.
- An additional 680 shares were withheld from 1,514 shares vesting on June 3, 2024, from an award on June 2, 2021.
- Furthermore, 1,063 shares were withheld from 2,369 shares vesting on June 3, 2024, from an award on June 2, 2022.
- All shares were valued at $228.37, the NYSE closing market price on June 3, 2024.
- Following these transactions, Mr. Carestio beneficially owns 43,467 ordinary shares, with 15,446 of these shares being restricted and lapsing at various dates in the future.
Sentiment
Score: 6
Explanation: The document reflects routine transactions related to executive compensation. It is neutral in sentiment as it simply reports the facts of the share disposals for tax purposes.
Industry Context
Executive compensation and share ownership are common topics of interest in the healthcare equipment and supplies industry, where STERIS plc operates. Monitoring insider transactions provides insights into management's perspective on the company's valuation and future prospects.
Comparison to Industry Standards
- Executive compensation practices, including the use of restricted stock units, are common across publicly traded companies, including STERIS plc's competitors such as Getinge, Cantel Medical (now part of STERIS), and Ecolab.
- The vesting schedules and tax withholding practices are generally aligned with industry norms and regulatory requirements.
- Comparing the percentage of shares withheld for taxes with those of peer companies can provide a benchmark for STERIS plc's executive compensation structure.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, as they are related to tax obligations of an executive.
- The disposals do not indicate a change in the company's fundamentals or future prospects.
Key Dates
| Date | Description |
|---|---|
| June 1, 2020 | Date of original award of 1,108 restricted shares, part of which vested on June 3, 2024. |
| June 2, 2021 | Date of original award of 1,514 restricted shares, part of which vested on June 3, 2024. |
| June 2, 2022 | Date of original award of 2,369 restricted shares, part of which vested on June 3, 2024. |
| June 3, 2024 | Date of share disposals to cover tax obligations and vesting of restricted stock units. |
| June 4, 2024 | Date of share disposals to cover tax obligations. |
| October 1, 2024 | 289 restricted shares lapse. |
| June 2, 2025 | 4,198 restricted shares lapse. |
| October 1, 2025 | 289 restricted shares lapse. |
| June 1, 2026 | 4,308 restricted shares lapse. |
| June 2, 2026 | 2,369 restricted shares lapse. |
| June 5, 2024 | Date of report filing. |
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