Form 4: WD-40 CEO Steven Brass Reports Changes in Beneficial Ownership After Stock Unit Vesting
SEC Form 4
Steven Brass, President and CEO of WD-40 Company, reports changes in beneficial ownership due to the vesting of restricted stock units, market share units, and performance stock units, with shares withheld for tax obligations.
Summary
- On October 22, 2024, Steven Brass, the President and CEO of WD-40 Company, reported changes in his beneficial ownership of the company's common stock.
- These changes occurred due to the vesting of Restricted Stock Units (RSUs), Market Share Units (MSUs), and Performance Stock Units (PSUs).
- A total of 1,672 shares were withheld to satisfy tax obligations upon the vesting of 3,296 RSUs.
- Additionally, 1,058 shares were withheld for tax obligations upon the vesting of 2,086 MSUs.
- Another 253 shares were withheld for tax obligations upon the vesting of 498 PSUs.
- Following these transactions, Brass directly owns 26,050 shares of WD-40 common stock.
- This total includes 10,091 unvested RSUs, 1,218 shares of restricted common stock received upon settlement of PSUs, 108 vested deferred performance units (DPUs), and 2,224 shares held in the Reporting Person's WD-40 Company Profit Sharing / 401(k) Plan account.
Sentiment
Score: 7
Explanation: The document is a standard regulatory filing related to executive compensation. It doesn't contain any particularly positive or negative news, but reflects the ongoing operation of the company's compensation plans.
Industry Context
This filing is a routine disclosure related to executive compensation and stock-based awards, common in publicly traded companies. It reflects standard practices for equity compensation and tax withholding.
Comparison to Industry Standards
- Equity compensation is a common practice among publicly traded companies to align executive interests with shareholder value.
- Companies like Illinois Tool Works (ITW) and Stanley Black & Decker (SWK) also utilize stock-based compensation for their executives.
- The vesting schedules and tax withholding practices described in the filing are consistent with industry norms for executive compensation plans.
Stakeholder Impact
- The vesting of stock units and subsequent tax withholding have a minor impact on the company's outstanding shares.
- The transactions do not directly affect customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 10/22/2024 | Date of the transactions involving the vesting of RSUs, MSUs, and PSUs and the subsequent withholding of shares for tax obligations. |
| 10/23/2024 | Date of signature by Ann T. Nguyen, attorney-in-fact for Steven A. Brass. |
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