Form 4: Broadridge CEO Timothy Gokey Exercises Options and Sells Shares Under 10b5-1 Plan
SEC Form 4 Filing
Broadridge Financial Solutions CEO Timothy Gokey exercised stock options and sold shares on the open market under a pre-arranged 10b5-1 trading plan.
Summary
- On March 10, 2025, Timothy C Gokey, CEO of Broadridge Financial Solutions, exercised stock options to acquire 59,395 shares of common stock at a price of $67.32 per share.
- Gokey also sold shares of Broadridge common stock on the same day through open market sales.
- These sales were executed under a pre-arranged 10b5-1 trading plan adopted on December 9, 2024.
- The sales involved multiple transactions with prices ranging from $231.55 to $240.30 per share.
- Following these transactions, Gokey directly owns 169,788.0271 shares of Broadridge common stock.
Sentiment
Score: 5
Explanation: The document describes routine transactions under a pre-existing plan, indicating a neutral sentiment.
Industry Context
Executive stock transactions are a common occurrence in publicly traded companies. The use of 10b5-1 plans allows insiders to sell shares over a period of time, mitigating concerns about trading on non-public information. Monitoring these transactions provides insights into management's perspective on the company's value.
Comparison to Industry Standards
- Executive compensation packages often include stock options as a way to align management's interests with those of shareholders.
- The exercise and sale of shares by executives are typically governed by company policies and securities regulations.
- 10b5-1 plans are a common tool used by executives to manage their personal finances while avoiding accusations of insider trading.
- Comparing Gokey's transactions to those of executives at similar companies like ADP or Fiserv would provide a benchmark for assessing the magnitude and frequency of his stock sales.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the increased supply of shares in the market.
- The use of a 10b5-1 plan ensures transparency and reduces the risk of insider trading concerns.
Key Dates
| Date | Description |
|---|---|
| 02/10/2018 | Date stock options were exercisable |
| 12/09/2024 | Date of adoption of 10b5-1 plan |
| 02/10/2027 | Expiration date of stock options |
| 03/10/2025 | Date of stock option exercise and share sales |
| 03/11/2025 | Date of Form 4 signature |
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