Form 4: Tapestry Director David Elkins Acquires Shares and Stock Options Under Incentive Plan
SEC Form 4 Filing
Director David Elkins acquired 1,788 shares of common stock and 5,280 stock options in Tapestry, Inc. under the company's Stock Incentive Plan.
Summary
- On February 29, 2024, David V. Elkins, a director of Tapestry, Inc., acquired 1,788 shares of common stock at a price of $47.53 per share.
- These shares were received as unvested restricted stock units under Tapestry's Stock Incentive Plan and will vest on March 1, 2025.
- Elkins also acquired 5,280 stock options under the same plan, exercisable from March 1, 2025, and expiring on March 1, 2034, with an exercise price of $47.53.
- Following these transactions, Elkins directly owns 1,788 shares and 5,280 stock options of Tapestry, Inc.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It reflects a routine transaction related to executive compensation. The acquisition of shares and options is generally viewed positively, but it's not a major event that would significantly impact sentiment.
Positives
- The acquisition of shares and stock options by a director signals confidence in the company's future performance.
- The vesting schedule of the restricted stock units aligns the director's interests with the long-term success of the company.
Industry Context
Insider transactions are common and closely monitored as they can provide insights into management's perspective on the company's valuation and future prospects. This filing is a routine disclosure required by the SEC.
Comparison to Industry Standards
- Stock incentive plans are a standard practice among publicly traded companies to align the interests of executives and directors with those of shareholders.
- The vesting schedule and exercise price are typical for such grants, often based on market prices at the time of grant.
Stakeholder Impact
- The acquisition of shares by a director can be viewed positively by shareholders as it aligns management's interests with theirs.
- Employees may see this as a positive sign of leadership's confidence in the company.
Key Dates
| Date | Description |
|---|---|
| February 16, 2024 | Date of Power of Attorney granted by David V. Elkins. |
| February 29, 2024 | Date of transaction: acquisition of common stock and stock options. |
| March 1, 2024 | Date of signature for the filing. |
| March 1, 2025 | Vesting date for the restricted stock units and exercisable date for the stock options. |
| March 1, 2034 | Expiration date for the stock options. |
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