Form 4: Workiva EVP, Michael Hawkins, Reports Stock Transactions Following PSU Vesting
SEC Form 4
EVP of Sales at Workiva, Michael D. Hawkins, reports acquisition of shares through performance-based stock units (PSUs) and disposition of shares for tax obligations.
Summary
- Michael D. Hawkins, EVP of Sales at Workiva, filed a Form 4 detailing changes in beneficial ownership.
- On February 20, 2025, Hawkins acquired shares of Class A Common Stock through the vesting of performance-restricted stock units (PSUs).
- These PSUs were granted on February 1, 2022, February 1, 2023, and February 1, 2024, with vesting percentages of 65%, 121.2%, and 186.2% of the target, respectively, based on performance conditions certified by the Compensation Committee.
- Hawkins acquired 1,188 shares from the 2022 grant, 4,081 shares from the 2023 grant, and 6,251 shares from the 2024 grant.
- Additionally, 5,852 shares were disposed of to cover withholding taxes at a price of $86.55 per share.
- Following these transactions, Hawkins beneficially owns 71,719 shares of Class A Common Stock.
Sentiment
Score: 7
Explanation: The document reflects positive performance as PSUs vested above target. The sale of shares for tax purposes is neutral. Overall, the sentiment is slightly positive.
Positives
- The vesting of PSUs indicates that performance targets were met, suggesting positive performance for the company.
- The vesting percentages of 121.2% and 186.2% for the 2023 and 2024 grants, respectively, suggest strong performance relative to targets.
Future Outlook
Additional PSUs will vest following the completion of the remaining calendar years in the three-year performance period, subject to continued employment and achievement of applicable annual revenue growth rate goals.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions. The vesting of PSUs is tied to company performance, reflecting the company's compensation strategy to align executive incentives with shareholder value.
Stakeholder Impact
- Shareholders may view the vesting of PSUs as a positive sign, indicating that company performance is meeting or exceeding expectations.
- Employees may be motivated by the potential for PSU vesting based on performance.
Next Steps
- Additional PSUs will vest in the future based on continued employment and achievement of revenue growth goals.
Key Dates
| Date | Description |
|---|---|
| 02/01/2022 | Date of PSU grant to the Reporting Person. |
| 02/01/2023 | Date of PSU grant to the Reporting Person. |
| 02/01/2024 | Date of PSU grant to the Reporting Person. |
| 02/20/2025 | Date of transaction (acquisition and disposition of shares). |
| 02/24/2025 | Date of signature on the Form 4 filing. |
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