Form 4: Superior Industries CEO Awarded Restricted Stock Units
SEC Form 4
CEO of Superior Industries, Majdi Abulaban, received 302,013 restricted stock units that will vest in three installments starting in 2025.
Summary
- Majdi Abulaban, CEO of Superior Industries International Inc., was granted 302,013 restricted stock units on March 30, 2024.
- These units represent a contingent right to receive one share of Superior Industries' common stock per unit.
- The restricted stock units will vest and settle in stock in three approximately equal installments on March 30, 2025, March 2, 2026, and March 2, 2027.
- Following this transaction, Mr. Abulaban beneficially owns 569,825 shares of Superior Industries' common stock.
- The transaction was reported on Form 4, filed with the SEC on April 2, 2024.
Sentiment
Score: 7
Explanation: The document reflects a standard executive compensation practice, which is generally viewed positively as it aligns management and shareholder interests. The sentiment is neutral to slightly positive.
Positives
- The granting of restricted stock units aligns the CEO's interests with those of the shareholders, incentivizing long-term value creation.
- The vesting schedule encourages continued service and commitment from the CEO over the next three years.
Future Outlook
The CEO's compensation is tied to the company's stock performance over the vesting period, suggesting a focus on long-term growth and shareholder value.
Industry Context
Equity compensation is a common practice in the industry to align management's interests with those of shareholders. The size and vesting schedule of the grant are typical for executive compensation packages.
Comparison to Industry Standards
- Executive compensation packages in the automotive industry often include a mix of salary, bonus, and equity-based awards.
- Companies like Magna International and Lear Corporation also utilize restricted stock units as part of their executive compensation plans.
- The vesting schedules are generally consistent with industry norms, typically ranging from three to five years.
Stakeholder Impact
- Shareholders may view the equity grant positively as it incentivizes the CEO to increase shareholder value.
- Employees may see this as a sign of confidence in the company's future.
Key Dates
| Date | Description |
|---|---|
| May 15, 2019 | Date of Power of Attorney execution, authorizing certain officers to act on behalf of Majdi Abulaban for Section 16 filings. |
| March 30, 2024 | Date of transaction: Grant of 302,013 restricted stock units to Majdi Abulaban. |
| March 30, 2025 | First vesting date for approximately one-third of the restricted stock units. |
| March 2, 2026 | Second vesting date for approximately one-third of the restricted stock units. |
| March 2, 2027 | Final vesting date for the remaining restricted stock units. |
| April 02, 2024 | Date of Form 4 filing. |
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