NCR (NYSE:VYX) Voyix Corporation, a company specializing in calculating and accounting machines, has disclosed through an 8-K filing with the SEC that it has granted long-term stock incentive awards to several top executives. The grants, which consist of performance-based restricted stock units (PBRSUs), were approved by the Compensation and Human Resource Committee of the company's Board of Directors on November 6, 2024, and became effective two days later on November 8, 2024.
The awards were part of the company's strategic initiatives and transformation efforts, which include the sale of its digital banking segment, restructuring of its hardware business, and leverage reduction initiatives. These efforts are designed to position the company for growth.
David Wilkinson, the CEO and a board member, received 208,478 PBRSUs. James Kelly, the Executive Chair of the Board, Brian Webb-Walsh, the Executive Vice President and Chief Financial Officer, and Kelli Sterrett, the Executive Vice President, General Counsel and Secretary, each were awarded 104,239 PBRSUs. Additionally, Eric Schoch, the Executive Vice President and President of Retail, received 69,492 PBRSUs.
The PBRSUs have a vesting condition that requires the company's common stock price to reach or exceed certain thresholds. The stock must maintain a trailing average price of at least $22.00 for twenty consecutive trading days at any point during the three-year performance period ending on November 8, 2027, for the awards to vest. If the stock price reaches $24.00 or $26.00 for twenty consecutive trading days, the executives will receive an increased payout of 125% and 150%, respectively, with linear interpolation applied for prices in between.
InvestingPro Insights
NCR Voyix Corporation's recent stock incentive awards to executives align with the company's current financial position and market performance. According to InvestingPro data, the company's market capitalization stands at $2.07 billion, with a stock price of $14.26 as of the previous close. This price represents 81.77% of its 52-week high, indicating potential room for growth towards the incentive targets set for executives.
InvestingPro Tips highlight that NCR Voyix's stock price movements are quite volatile, which could make achieving the sustained price thresholds for vesting more challenging. However, the company has shown a strong return over the last three months, with a 17.75% price total return, suggesting positive momentum.
It's worth noting that analysts do not anticipate the company to be profitable this year, and it was not profitable over the last twelve months. This context makes the performance-based nature of the executive awards particularly relevant, as it ties compensation to future stock performance and, by extension, company turnaround efforts.
For investors seeking more comprehensive analysis, InvestingPro offers 7 additional tips for NCR Voyix, providing deeper insights into the company's financial health and market position.
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