Form 4: U.S. Cellular CEO Laurent Therivel Reports Stock Vesting and Tax Withholding

Laurent Therivel, President and CEO of United States Cellular Corp, reports the vesting of restricted stock units (RSUs) and performance stock units (PSUs), along with shares withheld for tax obligations.

Summary

• On April 5, 2024, Laurent Therivel, the President and CEO of United States Cellular Corporation, reported transactions related to the vesting of restricted stock units (RSUs) and performance stock units (PSUs).
• The transactions involved the vesting of 61,141 RSUs granted on April 5, 2021, under the company's Long-Term Incentive Plan, which vested on the third anniversary of the grant date.
• Additionally, 55,027 PSUs granted on the same date also vested, with the number adjusted based on company performance and certified by the Long-Term Incentive Compensation Committee on February 14, 2024.
• A total of 51,464 common shares were withheld to cover tax obligations related to the vesting of both the RSUs and PSUs at a price of $35.5 per share.
• Following these transactions, Therivel directly owns 89,708 common shares.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing detailing executive compensation. It doesn't contain information that would significantly impact investor sentiment positively or negatively.

Positives

• The vesting of RSUs and PSUs indicates that the executive is incentivized by the company's long-term performance.
• The vesting of PSUs suggests that the company met certain performance targets, as the number of units was adjusted based on company performance.

Industry Context

This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It provides transparency into the equity-based compensation of key executives.

Comparison to Industry Standards

• Executive compensation packages including RSUs and PSUs are standard practice among publicly traded companies, including competitors like Verizon and T-Mobile.
• The vesting schedules and performance metrics associated with these units are typically aligned with industry benchmarks for long-term incentive plans.

Stakeholder Impact

• Shareholders may view the vesting of RSUs and PSUs as an alignment of executive interests with long-term company performance.
• Employees may see this as a standard part of the company's compensation practices.

Key Dates