Form 4: CTO Realty Growth Director Acquires Shares in Lieu of Retainer Fees
SEC Form 4 Filing
Christopher W. Haga, a director at CTO Realty Growth, acquired 1,241 shares of common stock on April 1, 2024, in lieu of his 1st quarter 2024 board and committee retainer fees.
Summary
- On April 1, 2024, Christopher W. Haga, a director of CTO Realty Growth, Inc., acquired 1,241 shares of common stock.
- The acquisition was in lieu of his 1st quarter 2024 board retainer fee of $12,500 and committee retainer fees of $8,437.50.
- The shares were issued pursuant to the Issuer's Non-Employee Director Compensation Policy.
- The share price used to calculate the number of shares issued was $16.8625, which is the 20-day trailing average closing price as of the last day of the quarter.
- Following the transaction, Haga directly owns 43,796 shares of CTO Realty Growth common stock.
- Haga also indirectly owns 4,629 shares as UGTMA custodian for his daughter and 3,000 shares each as UGTMA custodian for his other daughter and son.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The director is taking shares instead of cash, which shows confidence. The transaction is part of a pre-existing compensation policy.
Positives
- The director's acceptance of shares in lieu of cash compensation demonstrates confidence in the company's future prospects.
Industry Context
Director share acquisitions are common and can be seen as a positive sign, indicating confidence in the company's performance. This transaction is part of a pre-existing compensation policy.
Comparison to Industry Standards
- Director compensation policies vary across the real estate industry.
- Some companies offer a mix of cash and equity, while others rely more heavily on one or the other.
- The use of a 20-day trailing average closing price is a standard method for determining the value of shares issued as compensation.
Stakeholder Impact
- The transaction could have a slightly positive impact on shareholder sentiment, as it signals confidence from a company director.
Key Dates
| Date | Description |
|---|---|
| 02/27/2019 | Date the Issuer's Non-Employee Director Compensation Policy was adopted by the Issuer's board of directors. |
| 02/14/2024 | Date the Issuer's Non-Employee Director Compensation Policy was last amended. |
| 04/01/2024 | Date of the transaction where Christopher W. Haga acquired shares. |
| 04/03/2024 | Date of the signature on the Form 4 filing. |
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