Form 4: Fifth Third Bancorp EVP & CIO Jude Schramm Reports Stock Disposals for Tax Obligations
SEC Form 4 Filing
Jude Schramm, EVP & CIO of Fifth Third Bancorp, reported the disposal of common stock to cover tax obligations related to vesting restricted stock units.
Summary
- Jude Schramm, an executive officer at Fifth Third Bancorp, filed a Form 4 detailing changes in beneficial ownership of the company's stock.
- The report indicates the disposal of common stock on February 14, 2025, and February 16, 2025, to cover tax obligations.
- A total of 1,104 shares were disposed of at a price of $44.06 on February 14, 2025, related to restricted stock units granted on February 14, 2023.
- An additional 999 shares were disposed of at $44.06 on February 14, 2025, related to restricted stock units granted on February 14, 2024.
- Furthermore, 902 shares were disposed of at $44.06 on February 16, 2025, related to restricted stock units granted on February 16, 2022.
- Following these transactions, Schramm directly owns 111,417 shares of Fifth Third Bancorp common stock.
Sentiment
Score: 5
Explanation: The document is a routine filing related to executive stock transactions and does not inherently convey positive or negative sentiment.
Industry Context
Executive stock transactions are a normal part of corporate governance and compensation practices. Disposals to cover tax obligations are common when restricted stock units vest.
Comparison to Industry Standards
- Executive compensation practices, including the use of restricted stock units, are common across the financial services industry.
- Similar to executives at JPMorgan Chase, Bank of America, and Citigroup, Fifth Third Bancorp executives receive stock-based compensation as part of their overall package.
- The vesting schedules and tax implications are generally consistent with industry norms.
Stakeholder Impact
- The stock disposal has a minimal impact on shareholders as it is related to tax obligations from vested stock units.
Key Dates
| Date | Description |
|---|---|
| 02/16/2022 | Date of grant for restricted stock units related to a stock disposal on 02/16/2025 |
| 02/14/2023 | Date of grant for restricted stock units related to a stock disposal on 02/14/2025 |
| 02/14/2024 | Date of grant for restricted stock units related to a stock disposal on 02/14/2025 |
| 02/14/2025 | Disposal of 1,104 shares of common stock at $44.06 per share for tax obligations. |
| 02/14/2025 | Disposal of 999 shares of common stock at $44.06 per share for tax obligations. |
| 02/16/2025 | Disposal of 902 shares of common stock at $44.06 per share for tax obligations. |
| 02/19/2025 | Date of Form 4 filing. |
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