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Insider Trading Arrangements
3 Months Ended
Sep. 30, 2023
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Securities Trading Plans of Directors and Executive Officers

During the quarter ended September 30, 2023, the following executive officers adopted the stock trading plans described below, each of which is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act:

Plan

Plan

Plan

Adoption

Effective

Expiration

Executive Officer

    

Date

    

Date

    

Date(a)

    

Type of Transaction

Rafael Carrasco
Senior Vice President, Enterprise Strategy

8/14/2023

12/1/2023

None

Sell-to-Cover Taxes (b)

Michael Watson
Senior Vice President
& Chief Customer Officer

8/22/2023

11/20/2023

1/31/2024

Cashless Exercise and Sale (c)
Cashless Exercise and Hold (d)

Tara Hemmer
Senior Vice President
& Chief Sustainability Officer

8/28/2023

11/27/2023

3/28/2024

Donation (e)
Open Market Sale Upon Payout of Performance Share Units (f)
Cashless Exercise and Hold (g)

John Morris
Executive Vice President
& Chief Operating Officer

9/5/2023

12/4/2023

6/28/2024

Open Market Sale Upon Payout of Performance Share Units (h)
Cashless Exercise and Sale (i)

(a)Mr. Carrasco’s stock trading plan provides that it shall remain in effect for as long as he is employed, unless affirmatively terminated sooner. The remaining stock trading plans will automatically terminate at the earlier of the applicable Plan Expiration Date set forth above or the completion of all of the contemplated transactions set forth therein.
(b)Mr. Carrasco’s stock trading plan provides that, upon future vesting and payout of equity compensation awards granted to Mr. Carrasco by the Company or any affiliate, the Corporate Secretary shall cause to be sold the number of shares of common stock that, when added to tax withholding by the Company, will generate sufficient proceeds to cover the full anticipated personal federal tax obligations on account of such equity compensation award. The proceeds shall be remitted directly to the U.S. Internal Revenue Service. The number of shares of common stock to potentially be sold pursuant to this stock trading plan will depend on the terms of current unvested and future equity compensation awards granted to Mr. Carrasco and the Company’s achievement relative to applicable performance measures for such current unvested and future equity compensation awards.
(c)Mr. Watson’s stock trading plan provides for the potential cashless exercise of 8,184 stock options, upon our common stock reaching a specified market price, pursuant to which shares of common stock will be sold to cover option costs, tax obligations, commissions and fees, and all net shares received after settlement will also be sold.
(d)Mr. Watson’s stock trading plan also provides for the potential cashless exercise of 8,183 stock options, upon our common stock reaching a specified market price, pursuant to which shares of common stock will be sold to cover option costs, tax obligations, commissions and fees; Mr. Watson will then continue to hold all remaining shares of common stock resulting from the option exercise after the settlement.
(e)Ms. Hemmer’s stock trading plan provides for a donation of 900 shares of our common stock upon our common stock reaching a specified market price.
(f)Ms. Hemmer’s stock trading plan also provides for the sale of 25% of net after-tax shares of our common stock received upon the payout of performance share unit (“PSU”) equity compensation awards in 2024, for the performance period ending December 31, 2023, upon our common stock reaching each of three specified market prices, for an aggregate total sale of up to 75% of such net after-tax shares. Ms. Hemmer received a target grant of 11,930 PSU awards with a performance period ending December 31, 2023; the number of shares to be delivered to Ms. Hemmer on account of these PSU awards can range from zero to 200% of the initial target grant. As a result, the number of
shares of common stock to potentially be sold pursuant to this instruction will be determined based on the Company’s achievement relative to applicable performance measures for the underlying PSU awards.
(g)Ms. Hemmer’s stock trading plan also provides for the potential cashless exercise of an aggregate of 27,005 stock options upon our common stock reaching specified market prices, pursuant to which shares of common stock will be sold to cover option costs, tax obligations, commissions and fees; Ms. Hemmer will then continue to hold all remaining shares of common stock resulting from the option exercise after settlement.
(h)Mr. Morris’s stock trading plan provides for the sale of all net after-tax shares of our common stock received upon payout of PSU equity compensation awards in 2024, for the performance period ending December 31, 2023, upon our common stock reaching a specified market price. Mr. Morris received a target grant of 16,140 PSU awards with a performance period ending December 31, 2023; the number of shares to be delivered to Mr. Morris on account of these PSU awards can range from zero to 200% of the initial target grant. As a result, the number of shares of common stock to potentially be sold pursuant to this instruction will be determined based on the Company’s achievement relative to applicable performance measures for the underlying PSU awards.
(i)Mr. Morris’s stock trading plan also provides for the potential cashless exercise of 17,778 stock options upon our common stock reaching a specified market price, pursuant to which shares of common stock will be sold to cover option costs, tax obligations, commissions and fees, and all net shares received after settlement will also be sold.
Rafael Carrasco [Member]  
Trading Arrangements, by Individual  
Name Rafael Carrasco
Title Senior Vice President, Enterprise Strategy
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/14/2023
Michael Watson [Member]  
Trading Arrangements, by Individual  
Name Michael Watson
Title Senior Vice President & Chief Customer Officer
Adoption Date 8/22/2023
Tara Hemmer [Member]  
Trading Arrangements, by Individual  
Name Tara Hemmer
Title Senior Vice President & Chief Sustainability Officer
Adoption Date 8/28/2023
John Morris [Member]  
Trading Arrangements, by Individual  
Name John Morris
Title Executive Vice President & Chief Operating Officer
Adoption Date 9/5/2023
Trading Plan, Option One [Member] | Michael Watson [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted true
Aggregate Available 8,184
Trading Plan, Option One [Member] | Tara Hemmer [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted true
Aggregate Available 900
Trading Plan, Option One [Member] | John Morris [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted true
Aggregate Available 16,140
Trading Plan, Option Two [Member] | Michael Watson [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted true
Aggregate Available 8,183
Trading Plan, Option Two [Member] | Tara Hemmer [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted true
Aggregate Available 11,930
Trading Plan, Option Two [Member] | John Morris [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted true
Aggregate Available 17,778
Trading Plan, Option Three [Member] | Tara Hemmer [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted true
Aggregate Available 27,005