Form 4: U.S. Cellular CEO Laurent Therivel Reports Acquisition of Performance Share Units
SEC Form 4 Filing
Laurent Therivel, President and CEO of United States Cellular Corp, reports the acquisition of performance share units based on the achievement of certain performance measures.
Summary
- Laurent Therivel, the President and CEO of United States Cellular Corp, filed a Form 4 detailing changes in beneficial ownership.
- On February 19, 2025, Therivel acquired 11,720 performance share units related to a 2022 award, which vest on April 4, 2025.
- These units were adjusted based on company performance through December 31, 2024, with the Long-Term Incentive Compensation Committee (LTICC) certifying that Therivel was entitled to 91% of his target opportunity.
- Additionally, Therivel acquired 100,307 performance share units related to a 2024 award, which vest on March 4, 2027.
- The LTICC certified that Therivel was entitled to 145.9% of his target opportunity based on company performance through December 31, 2024.
- Each performance share unit represents the contingent right to receive one common share.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The acquisition of performance share units suggests confidence in the company's future performance, but it's a routine filing.
Positives
- The acquisition of performance share units indicates that the CEO is incentivized to improve company performance.
- The Long-Term Incentive Compensation Committee (LTICC) certified that the reporting person was entitled to 91% and 145.9% of his target opportunity based on company performance at December 31, 2024.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates the CEO's acquisition of performance-based compensation, aligning his interests with those of shareholders.
Stakeholder Impact
- The acquisition of performance share units aligns the CEO's interests with those of shareholders, potentially leading to increased shareholder value.
Key Dates
| Date | Description |
|---|---|
| 2022/04/04 | Reporting person was granted an award based on achievement of certain performance measures. |
| 2023/11/27 | The award was adjusted by the Long-Term Incentive Compensation Committee (LTICC) to provide for a payout at no less than 75% of the target opportunity of such award. |
| 2024/03/04 | The reporting person was granted an award based on the achievement of certain performance measures. |
| 2024/12/31 | Company performance date used to determine performance share unit adjustments. |
| 2025/02/19 | Date of transaction and LTICC certification of performance share unit entitlements. |
| 2025/02/21 | Date of signature on the Form 4 filing. |
| 2025/04/04 | Vesting date for 11,720 performance share units related to the 2022 award. |
| 2027/03/04 | Vesting date for 100,307 performance share units related to the 2024 award. |
Keywords
performance share units, Laurent Therivel, U.S. Cellular, USM, Form 4, beneficial ownership, LTICC, incentive compensation
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