Form 4: BlackRock Science & Technology Trust: Portfolio Manager Kyle McClements Reports Transactions in Phantom Shares

Portfolio Manager Kyle McClements reports the vesting and disposal of phantom shares related to BlackRock Science & Technology Trust common stock.

Summary

• Kyle McClements, a Portfolio Manager at BlackRock Science & Technology Trust, reported transactions involving phantom shares on January 31, 2025.
• These transactions include the vesting and subsequent disposal of phantom shares, which are the economic equivalent of common stock shares and payable in cash upon vesting.
• The transactions are related to phantom shares granted on January 31st in 2022, 2023 and 2024, vesting in equal installments over three years.
• The price of the common stock related to these transactions is $37.86.
• Following these transactions, McClements directly owns 0 shares of common stock and 849.8415 phantom shares.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing transactions in phantom shares, indicating a neutral sentiment.

Industry Context

This Form 4 filing is a routine disclosure related to executive compensation and does not necessarily indicate a broader trend within the investment management industry.

Comparison to Industry Standards

• Phantom stock plans are a common form of executive compensation in the financial services industry, used by companies like Goldman Sachs and Morgan Stanley to align employee incentives with shareholder value.
• The vesting schedules described are typical, with many companies using three-year vesting periods for equity-based compensation.
• The reporting requirements under Section 16(a) of the Securities Exchange Act are standard practice for corporate insiders across all industries.

Stakeholder Impact

• The transactions have a minimal direct impact on shareholders, as they relate to internal compensation arrangements.
• Employees holding phantom shares are impacted by the vesting and cash payout of these shares.

Key Dates