Form 4: FirstEnergy CEO Brian Tierney Reports Stock Transactions Following RSU Vesting
SEC Form 4 Filing
FirstEnergy CEO Brian Tierney reports the vesting of restricted stock units (RSUs) and subsequent tax withholding, along with adjustments to his holdings in the company's 401(k) Savings Plan.
Summary
- On March 1, 2024, FirstEnergy CEO Brian Tierney reported the vesting of 142,698 performance-adjusted restricted stock units (RSUs).
- These RSUs, granted under the company's 2020 Incentive Compensation Plan, represent a contingent right to receive shares of FirstEnergy common stock.
- The vesting was triggered by the certification of performance goals by the Board of Directors on February 7, 2024.
- To cover tax obligations associated with the vesting, 64,714 shares were automatically withheld at a price of $36.305 per share.
- Following these transactions, Tierney directly owns 212,737 shares of FirstEnergy common stock.
- Additionally, Tierney indirectly owns 443,338 shares through the company's 401(k) Savings Plan as of February 29, 2024.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, with no inherent positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the holdings and transactions of key company personnel.
Stakeholder Impact
- The transactions have a minor impact on shareholders, reflecting changes in executive ownership.
- Employees participating in the 401(k) Savings Plan may see slight adjustments in their holdings due to dividend reinvestment and company match features.
Key Dates
| Date | Description |
|---|---|
| February 7, 2024 | Company's Board of Directors certified the satisfaction of the performance goals for the RSUs. |
| February 9, 2024 | Previous Form 4 filed reporting the Board of Directors' certification of performance goals. |
| February 29, 2024 | Date used to estimate the number of shares of the Company's common stock held in the unitized stock fund and allocated to the reporting person's account. |
| March 1, 2024 | Date of RSU vesting and stock transactions. |
| March 5, 2024 | Date of Form 4 filing. |
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