Form 4: Bread Financial Holdings Executive VP Tammy McConnaughey Reports Stock Transaction
SEC Form 4
Tammy McConnaughey, EVP at Bread Financial Holdings, reports the withholding of shares to cover tax obligations upon vesting of restricted stock units.
Summary
- On March 25, 2024, Tammy M McConnaughey, an Executive Vice President at Bread Financial Holdings, had shares withheld by the company to cover tax obligations when restricted stock units vested.
- A total of 1,793 shares of common stock were withheld at a price of $35.61 per share.
- Following the transaction, McConnaughey beneficially owns 108,675.055 shares.
- This total includes unrestricted shares, unvested time-based restricted stock units, and unvested performance-based restricted stock units granted on various dates.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing regarding stock transactions, and does not contain information that would significantly impact sentiment positively or negatively.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the transactions of company insiders.
Comparison to Industry Standards
- Executive compensation packages including restricted stock units are standard practice among publicly listed companies like Bread Financial Holdings.
- The vesting schedules and performance-based components are typical features designed to align executive incentives with company performance, similar to practices at companies such as Capital One or Discover Financial Services.
- The tax withholding process is a standard procedure, ensuring compliance with tax regulations, and is comparable to how other financial institutions handle equity compensation for their executives.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it is a routine tax withholding event.
- Employees who hold restricted stock units may be interested in the details of the vesting and tax implications.
Key Dates
| Date | Description |
|---|---|
| 02/15/2022 | Date of grant for 6,077 time-based restricted stock units and 9,115 performance-based restricted stock units. |
| 03/24/2023 | Date of grant for 12,128 time-based restricted stock units and 18,191 performance-based restricted stock units. |
| 02/15/2024 | Date of grant for 13,937 time-based restricted stock units and 20,905 performance-based restricted stock units. |
| 03/25/2024 | Date of the reported transaction where shares were withheld for tax obligations. |
| 03/27/2024 | Date of signature for the Form 4 filing. |
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