Huntington Ingalls (NYSE: HII) executive receives dividend-equivalent Restricted Stock Rights
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Huntington Ingalls Industries executive Brian D. Blanchette received a small compensation-related equity accrual through dividend equivalents on existing awards. On the reported date, he acquired 9.779 Restricted Stock Rights, bringing his total Restricted Stock Rights holdings to 2,955.578, all held directly.
Each Restricted Stock Right represents a contingent right to receive an equivalent number of Huntington Ingalls common shares, cash, or a mix of both, at the discretion of the company’s compensation committee. The newly credited units reflect dividend equivalent rights under the 2022 Long-Term Incentive Stock Plan, tied to the company’s quarterly cash dividend rather than open-market trading.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
Blanchette Brian D.
Role
Ex VP and President, Ingalls
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Rights | 9.779 | $0.00 | -- |
Holdings After Transaction:
Restricted Stock Rights — 2,955.578 shares (Direct)
Footnotes (1)
- Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares of Company common stock, or, at the discretion of the Company's Compensation Committee, cash or a combination of cash and Company common stock. The RSRs were granted under the 2022 Long-Term Incentive Stock Plan ("LTISP"). The amount acquired represents dividend equivalent rights on the RSRs, which are credited following payment of the Company's quarterly cash dividend. Pursuant to the LTISP, the number of dividend equivalent rights acquired is calculated by dividing the aggregate amount of the dividend paid on the total number of RSRs held by the reporting person by the closing price of a share of Company common stock on the dividend payment date.
FAQ
What did HII executive Brian D. Blanchette report in this Form 4?
Brian D. Blanchette reported acquiring 9.779 Restricted Stock Rights as a compensation-related accrual. These units were credited as dividend equivalents on his existing awards, under Huntington Ingalls’ 2022 Long-Term Incentive Stock Plan tied to the company’s quarterly cash dividend.
How many Restricted Stock Rights does Brian D. Blanchette hold after this HII transaction?
After this transaction, Brian D. Blanchette holds 2,955.578 Restricted Stock Rights directly. This figure reflects his total derivative position in these awards following the 9.779-unit dividend equivalent credit reported on the Form 4 filing for Huntington Ingalls Industries.
Are the HII Restricted Stock Rights in this filing open-market purchases or sales?
The Restricted Stock Rights are not open-market purchases or sales. They were granted as dividend equivalent rights on existing awards, credited under Huntington Ingalls’ long-term incentive plan when the company paid its quarterly cash dividend to shareholders.
What does each Restricted Stock Right represent for HII executives?
Each Restricted Stock Right represents a contingent right to receive the same number of Huntington Ingalls common shares, cash, or a combination. The form notes the company’s compensation committee may choose the form of settlement, reflecting a standard equity-based compensation structure for executives.
Under which plan were Brian D. Blanchette’s HII dividend equivalent rights granted?
The dividend equivalent rights were granted under Huntington Ingalls’ 2022 Long-Term Incentive Stock Plan. The plan credits additional Restricted Stock Rights when the company pays its quarterly cash dividend, using the dividend amount and closing share price on the payment date to determine units.