Form 4: FactSet CFO Helen Shan Reports Equity Vesting

FactSet Research Systems Inc. CFO Helen L. Shan reported the vesting of performance share units and related tax-withholding transactions.

Summary

• Helen L. Shan, Executive Vice President and Chief Financial Officer of FactSet Research Systems Inc. (FDS), reported changes in her beneficial ownership of company common stock.
• On November 1, 2025, Ms. Shan acquired 1,009 shares of common stock upon the vesting of performance share units (PSUs) that were originally granted on November 1, 2022.
• Concurrently, 558 shares of common stock were disposed of at a price of $266.8 per share to cover tax obligations associated with the PSU vesting.
• Following these transactions, Ms. Shan directly beneficially owns 9,735 shares of FactSet common stock.
• The transaction was made pursuant to a Rule 10b5-1 pre-arranged trading plan.

Sentiment

Score: 6

Explanation: The filing reports a routine, scheduled vesting of performance share units for a key executive, indicating prior performance targets were met. While positive for the executive, it is a neutral event for the company's immediate outlook or stock price.

Positives

• The vesting of 1,009 performance share units indicates that performance targets set in 2022 were met, reflecting positively on the company's operational achievements over the vesting period.
• The transaction is a routine part of executive compensation, aligning management's interests with long-term shareholder value.

Negatives

• A portion of the vested shares (558 shares) was sold to cover tax liabilities, which is a common practice but reduces the executive's direct equity holding from the gross vested amount.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction, as it is a report of a past insider transaction.

Industry Context

The reported transaction is a standard executive compensation event, common across publicly traded companies, particularly within the financial data and analytics sector. Performance share units are a widely used incentive mechanism to align executive performance with long-term shareholder value creation.

Comparison to Industry Standards

• Executive compensation structures involving performance share units (PSUs) and subsequent tax withholding upon vesting are standard practice across publicly traded companies, particularly within the financial technology and data services sector.
• The reported transaction aligns with typical long-term incentive plans designed to align executive interests with shareholder value over a multi-year period, similar to practices observed at peers like S&P Global (SPGI) or MSCI (MSCI).

Stakeholder Impact

• Shareholders: The vesting of PSUs indicates the achievement of performance metrics, which is generally positive for shareholder confidence in management's ability to meet targets. However, the transaction itself is routine and unlikely to have a significant direct impact.
• Employees: No direct impact on the broader employee base is indicated by this executive compensation report.

Key Dates

Recommendation

This Form 4 reports a routine vesting of performance share units and subsequent tax withholding for a key executive. Such scheduled compensation events do not typically provide new fundamental information to alter an investment thesis, hence a 'hold' recommendation is appropriate based solely on this filing.

Keywords

FactSet, FDS, Helen Shan, Form 4, Insider Transaction, Performance Share Units, PSU Vesting, Executive Compensation, Equity Award, Financial Technology