Gibraltar Industries (ROCK) CFO awarded RSUs tied to pay deferral
Rhea-AI Filing Summary
Lovechio Joseph A reported acquisition or exercise transactions in this Form 4 filing.
Gibraltar Industries VP and CFO Joseph A. Lovechio received a grant of 284.72 restricted stock units on the company’s 2018 Management Stock Purchase Plan as a matching award for deferring portions of salary and cash incentive pay. Following this grant, he holds 2,063.06 restricted stock units and 12,390 shares of common stock directly.
The footnotes explain these restricted stock units are forfeited if his officer service ends before the fifth anniversary of his vesting start date. If service continues beyond that date, the units are settled solely in cash, paid in one lump sum or over five or ten annual installments based on the stock’s fair market value after his officer service ends.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Unit (2018 MSPP Match) | 284.72 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Represents matching restricted stock units allocated to the Reporting Person with respect to the Reporting Person's deferral of a portion of their annual base salary and annual cash incentive compensation pursuant to the Company's 2018 Management Stock Purchase Plan. Restricted stock units are forfeited if Reporting Person's service as an officer of the Company is terminated prior to the fifth (5th) anniversary of the Reporting Person's vesting commencement date. If service as an officer continues beyond the fifth (5th) anniversary of the Reporting Person's vesting commencement date, restricted stock units are payable solely in cash in one lump sum payment or in five (5) or ten (10) consecutive, substantially equal annual installments, whichever distribution form is elected by the Reporting Person, beginning six (6) months following termination of service. Each restricted stock unit is converted to cash in an amount equal to the fair market value of one share of the Company's common stock, as defined in the Company's 2018 Management Stock Purchase Plan, on the date of termination of the Reporting Person's service as an officer of the Company. Represents matching restricted stock units allocated to the Reporting Person with respect to the Reporting Person's deferral of a portion of their annual base salary pursuant to the Company's 2018 Management Stock Purchase Plan.