Huntington Ingalls (NYSE: HII) reports Form 4 restricted stock rights award
Rhea-AI Filing Summary
Huntington Ingalls Industries reported an insider equity award in the form of restricted stock rights. The reporting executive, an executive vice president and President of Newport News Shipbuilding, acquired 14.937 restricted stock rights at a price of $0, bringing total derivative securities beneficially owned to 3,553.481 restricted stock rights.
Each restricted stock right represents a contingent right to receive an equivalent number of shares of company common stock, or cash or a combination of cash and stock at the discretion of the Compensation Committee. The rights were granted under the 2022 Long-Term Incentive Stock Plan and vest in three equal installments on the first, second, and third anniversaries of the grant date. The newly acquired units are dividend equivalent rights credited after payment of the company’s quarterly cash dividend, calculated by dividing the aggregate dividend paid on the reporting person’s restricted stock rights by the closing share price on the dividend payment date.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Rights | 14.937 | $0.00 | -- |
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") and vest ratably in three equal installments upon each of the first, second, and third anniversaries of the grant date. 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.