Form 4: Universal Display Corp Executive Julia J. Brown Reports Changes in Beneficial Ownership
SEC Form 4
EVP and Chief Technical Officer of Universal Display Corporation, Julia J. Brown, reports acquisition and disposal of company stock related to vesting of restricted stock and performance units.
Summary
- Julia J. Brown, EVP & Chief Technical Officer of Universal Display Corporation, filed a Form 4 detailing changes in beneficial ownership.
- On March 2, 2024, Brown disposed of 1,850 shares of common stock at $174.68 to cover tax liabilities related to vesting of 4,363 restricted stock shares.
- Also on March 2, 2024, Brown acquired 3,273 shares of common stock as performance units under the company's Long Term Incentive Plan, which vested based on performance conditions certified on February 20, 2024.
- An additional 1,159 shares were disposed of on March 2, 2024, at $174.68 to cover tax liabilities related to the vesting of the 3,273 restricted stock shares.
- On March 4, 2024, Brown acquired 8,113 units under the Company's Long Term Incentive Plan as part of 2024 compensation, vesting in thirds on March 4, 2025, 2026, and 2027.
- Following these transactions, Brown beneficially owns 67,340 shares of Universal Display Corp common stock.
Sentiment
Score: 6
Explanation: The document is a routine filing related to executive compensation. The vesting of performance units is a slightly positive signal, suggesting the company met certain performance targets.
Positives
- The vesting of performance units indicates that the company met certain performance conditions under the Long Term Incentive Plan.
- The grant of additional units under the Long Term Incentive Plan suggests continued confidence in the company's future performance.
Future Outlook
The document outlines future vesting dates for units granted under the Long Term Incentive Plan, indicating ongoing equity-based compensation for the reporting person.
Industry Context
Executive stock transactions are common and provide insight into management's perspective on the company's valuation and future prospects within the OLED technology industry.
Comparison to Industry Standards
- Executive compensation packages including stock options and restricted stock units are standard practice in the technology industry, including among Universal Display Corp's competitors.
- Companies like Samsung Display and LG Display also utilize similar incentive plans to align executive interests with shareholder value.
Stakeholder Impact
- The vesting of performance units and granting of new units under the Long Term Incentive Plan aligns executive interests with shareholder value.
- These transactions have a minor impact on the total outstanding shares of the company.
Key Dates
| Date | Description |
|---|---|
| 02/20/2024 | Company's Human Capital Committee certified performance conditions for performance units. |
| 03/02/2024 | Vesting of 4,363 shares of restricted stock. |
| 03/02/2024 | Disposal of 1,850 shares to cover tax liability. |
| 03/02/2024 | Acquisition of 3,273 shares as performance units. |
| 03/02/2024 | Disposal of 1,159 shares to cover tax liability. |
| 03/04/2024 | Grant of 8,113 units under the Long Term Incentive Plan. |
| 03/05/2024 | Date of Form 4 filing. |
| 03/04/2025 | First vesting date for one-third of the 8,113 units granted on March 4, 2024. |
| 03/04/2026 | Second vesting date for one-third of the 8,113 units granted on March 4, 2024. |
| 03/04/2027 | Final vesting date for one-third of the 8,113 units granted on March 4, 2024. |
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