Form 4: Camden National Corp Executive Renee Smyth Reports Stock Disposals to Cover Tax Obligations
SEC Form 4 Filing
Renee Smyth, an EVP at Camden National Corp, reported disposing of shares to cover tax obligations related to vesting restricted stock and units.
Summary
- On April 26, 2024, Renee Smyth, an Executive Vice President at Camden National Corp, disposed of common stock to cover tax obligations.
- A total of 84 shares were disposed of at a price of $30.5 to satisfy tax obligations on restricted shares vesting on April 26, 2024.
- An additional 77 shares were disposed of at $30.5 to cover tax obligations on restricted shares vesting on April 27, 2024.
- Furthermore, 258 shares were disposed of at $30.5 to satisfy tax obligations on restricted stock units vesting on April 27, 2024, under the issuer's 2021-2023 Long-Term Performance Plan.
- Following these transactions, Smyth beneficially owns 24,264.56 shares of Camden National Corp common stock, including 7,548 restricted stock units and restricted shares subject to vesting and forfeiture restrictions.
Sentiment
Score: 6
Explanation: The document reflects routine executive stock transactions for tax purposes, which is neither particularly positive nor negative. The sentiment is neutral.
Industry Context
Executive stock transactions are a common occurrence, especially around vesting dates for equity compensation. These transactions are closely watched by investors for insights into executive sentiment and potential insider information, although disposals to cover tax obligations are generally considered routine.
Stakeholder Impact
- The transactions have a minimal impact on shareholders as they are related to tax obligations and do not indicate a change in the executive's long-term outlook on the company.
Key Dates
| Date | Description |
|---|---|
| 04/26/2024 | Date of earliest transaction; disposal of shares to cover tax obligations on restricted shares vesting on this date. |
| 04/27/2024 | Restricted shares and stock units vested, leading to tax obligations covered by share disposals. |
| 04/30/2024 | Date of signature by Christopher G. Hutchinson, POA. |
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