Form 4: Westlake Corp Executive Reports Stock Transactions Following PSU Vesting
SEC Form 4 Filing
Robert F. Buesinger, EVP at Westlake Corp, reports acquisition and disposal of shares related to performance stock units (PSUs) vesting and tax obligations.
Summary
- Robert F. Buesinger, an executive at Westlake Corp, filed a Form 4 detailing changes in beneficial ownership of the company's stock.
- On February 20, 2025, 6,839 shares of common stock vested due to the satisfaction of performance criteria related to PSUs granted in February 2022.
- On February 21, 2025, 2,738 shares were withheld to cover tax obligations arising from the PSU vesting at a weighted average price of $110.54.
- Buesinger also acquired 13,141 employee stock options exercisable in installments starting February 21, 2026, and 4,356 restricted stock units (RSUs) vesting on February 21, 2028.
Sentiment
Score: 5
Explanation: The document is a routine disclosure of stock transactions related to executive compensation, with no inherently positive or negative implications.
Industry Context
Executive compensation and stock ownership are standard practices in publicly traded companies like Westlake Corp to align management interests with shareholder value.
Comparison to Industry Standards
- Stock option grants and RSU awards are common components of executive compensation packages in the chemical and manufacturing industries, similar to companies like Dow, DuPont, and LyondellBasell.
- Vesting schedules and performance-based criteria for equity awards are also standard practice to incentivize long-term performance and retention.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect standard executive compensation practices.
- Employees may be interested in the details of executive compensation plans.
Key Dates
| Date | Description |
|---|---|
| 02/18/2022 | Date of original PSU grant to the Reporting Person under the Issuer's 2013 Omnibus Incentive Plan. |
| 02/20/2025 | Vesting date of 6,839 shares of common stock related to PSUs. |
| 02/21/2025 | Date of tax obligation fulfillment via share disposal and grant of stock options and RSUs. |
| 02/21/2026 | First installment (33%) vesting date for stock options. |
| 02/21/2027 | Second installment (33%) vesting date for stock options. |
| 02/21/2028 | Final installment (34%) vesting date for stock options and full vesting date for RSUs. |
| 02/21/2035 | Expiration date for stock options. |
| 02/24/2025 | Date of Form 4 filing. |
Keywords
Form 4, Beneficial Ownership, Westlake Corp, WLK, Stock Options, Restricted Stock Units, PSUs, Robert F. Buesinger, Executive Compensation
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