Form 4: FirstEnergy CEO Brian Tierney Reports Stock Transactions
SEC Form 4 Filing
FirstEnergy CEO Brian Tierney reports the withholding of shares to cover tax obligations upon vesting of restricted stock and updates holdings in the company's savings plan.
Summary
- FirstEnergy Corp CEO Brian X Tierney filed a Form 4 on June 5, 2024, reporting changes in beneficial ownership of company stock.
- On June 3, 2024, 15,959 shares of common stock were withheld to satisfy tax obligations related to the vesting of 35,190 restricted shares granted on June 1, 2023.
- The price per share for the withholding was $39.62.
- Tierney's direct holdings of common stock after the transaction totaled 198,280 shares, including 1,502 shares acquired through dividend reinvestment.
- Tierney also indirectly holds 446.511 shares through the company's 401(k) Savings Plan as of May 31, 2024.
- The filing was signed by Mary M. Swann, attorney-in-fact.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral. It reflects routine transactions related to executive compensation.
Positives
- The report indicates continued investment in FirstEnergy stock through dividend reinvestment, showing confidence in the company's future.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates activity related to executive compensation and standard tax obligations.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) that vest over time.
- The tax withholding upon vesting is a standard practice.
- Many companies offer 401(k) plans with company stock options, similar to FirstEnergy's plan.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive stock ownership.
- The tax withholding impacts the executive's personal finances.
Key Dates
| Date | Description |
|---|---|
| June 1, 2023 | Date of Restricted Stock Award Agreement between FirstEnergy Corp. and Brian Tierney. |
| May 31, 2024 | Date for the estimate of shares of the Company's common stock held in the unitized stock fund and allocated to the reporting person's account. |
| June 3, 2024 | Date of the transaction where shares were withheld for tax obligations. |
| June 5, 2024 | Date the Form 4 was filed. |
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