Macy’s Inc (NYSE: M) share price is down $10 year-to-date from $16.52 in January to $6.77 on Friday. Seems like this deserves a proper award.
According to the latest SEC filing reviewed by Idaho Reporter, Danielle L. Kirgan, Chief Transformation Officer of Macy’s, was “awarded a transformation grant of restricted stock units (“RSUs”) with a grant date value of $1,750,000”. This decision is approved by the Compensation and Management Development Committee of the Board of Directors of Macy’s, Inc.
Each RSU represents the right to receive, upon vesting, one share of Macy’s common stock. The RSUs vest in two tranches: one-third on the first anniversary of the grant date and two-thirds on the second anniversary of the grant date. Each tranche of RSUs is non-transferable for one year following vesting.
What are RSUs?
According to Investopedia, RSU is “a stock that has been granted to an executive that is nontransferable and subject to forfeiture under certain conditions, such as termination of employment or failure to meet either corporate or personal performance benchmarks.”