Form 4: Altria Group EVP and COO Jody L. Begley Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Jody L. Begley, EVP and COO of Altria Group, reports acquisition and disposal of Altria Group common stock related to vesting of performance stock units and tax obligations.
Summary
- On February 28, 2024, Jody L. Begley, EVP and COO of Altria Group, acquired 15,744 shares of common stock upon vesting of Performance Stock Units granted on February 25, 2021, at a price of $0.
- On the same day, 15,852 shares were disposed of to satisfy tax obligations related to the vesting of Performance Stock Units and Restricted Stock Units at a price of $40.9.
- Following these transactions, Begley directly owns 239,507 shares of Altria Group common stock and indirectly owns 46,763 shares through the Deferred Profit-Sharing Plan.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock transactions by an executive, with no inherent positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies like Altria Group.
Comparison to Industry Standards
- Executive compensation packages including stock options and restricted stock units are standard practice among large publicly traded companies such as Altria, Philip Morris International (PM), and British American Tobacco (BTI).
- Form 4 filings are a routine part of compliance for executives holding company stock, ensuring transparency in the market.
- The vesting of performance stock units is a common incentive mechanism to align executive interests with shareholder value, similar to practices observed in peer companies.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they are related to executive compensation and do not represent a significant change in the company's operations or financial condition.
Key Dates
| Date | Description |
|---|---|
| 02/25/2021 | Date of grant for Performance Stock Units that vested on 02/28/2024 |
| 02/27/2024 | Last trading day immediately preceding the shares vesting, used to determine the closing price of $40.9. |
| 02/28/2024 | Date of transaction: acquisition of shares upon vesting and disposal of shares for tax obligations. |
| 03/01/2024 | Date of signature for the Form 4 filing. |
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