Underwood Peter C 4
4 · Fortive Corp · Filed Mar 31, 2026
Research Summary
AI-generated summary of this filing
Fortive (FTV) CLO Peter Underwood Receives Phantom Share Award
What Happened Peter C. Underwood, Senior Vice President and Chief Legal Officer of Fortive (FTV), received a derivative award on 2026-03-27 consisting of 15.48 notional (phantom) shares credited as dividend accruals in the EDIP Stock Fund. The reported per-share price used for valuation was $53.92, giving a notional value of approximately $835. This was an award/grant (code A) — a compensation credit, not an open-market purchase or sale.
Key Details
- Transaction date: 2026-03-27; filing date: 2026-03-31 (timely filed).
- Shares reported: 15.48 notional shares at $53.92 each; total notional value ≈ $835.
- Transaction type: Derivative award (notional/phantom shares credited as dividend accruals under the Executive Deferred Incentive Program — EDIP).
- Conversion/settlement: Notional shares convert on a 1:1 basis to common stock when settled (per footnote).
- Vesting: Reporting person immediately vests in 100% of voluntary contributions; issuer contributions vest per EDIP rules (death, retirement after eligibility, or graded vesting thereafter). Vested EDIP Stock Fund amounts are settled in Fortive common stock upon termination.
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Filing timeliness: Report appears timely (filed within SEC deadline).
Context This transaction is a compensation-related, derivative credit (phantom shares/dividend accruals) under Fortive’s executive deferred incentive plan. Such awards are routine forms of executive compensation and are different from outright purchases (which can signal bullishness) or sales (which may signal liquidity needs). The award becomes actual shares only when settled according to the EDIP’s conversion and vesting rules.
Insider Transaction Report
- Award
Executive Deferred Incentive Program - Fortive Stock Fund
[F1][F2][F3]2026-03-27$53.92/sh+15.48$835→ 13,923.1 total→ Common Stock (15.48 underlying)
Footnotes (3)
- [F1]The reported securities are notional dividend accruals on phantom shares in the Fortive stock fund (the "EDIP Stock Fund") under Fortive's Executive Deferred Incentive Program (the "EDIP"). The number of phantom shares accrued as a result of such notional dividend accruals is based on the closing price of the Issuer's common stock as reported on the NYSE on the date such dividend accruals are credited to the EDIP Stock Fund, which is the price shown in Table II, Column 8 above.
- [F2]The notional shares convert on a one-to-one basis.
- [F3]The Reporting Person immediately vests in 100% of each voluntary contribution to the EDIP Stock Fund. The Reporting Person will vest in all contributions to the EDIP Stock Fund by the Issuer as follows: 100% upon the earlier of the Reporting Person's death, or upon retirement following at least 5 years of service with the Issuer and reaching the age of 55, or, if earlier, one-tenth per year of participation following five years of participation, in each case in accordance with the EDIP. Upon termination of employment, the vested portion of the EDIP Stock Fund is settled in the Issuer's common stock.