Form 4: FirstEnergy Corp: CFO K. Jon Taylor Reports Changes in Beneficial Ownership
SEC Form 4 Filing
SVP, CFO and Strategy of FirstEnergy Corp, K. Jon Taylor, reports changes in beneficial ownership of company stock, including acquisitions of restricted stock units and adjustments to holdings in savings plans and phantom stock.
Summary
- K. Jon Taylor, SVP, CFO and Strategy of FirstEnergy Corp, filed a Form 4 detailing changes in beneficial ownership of FirstEnergy Corp stock.
- The report includes transactions related to common stock, restricted stock units (RSUs), and phantom stock.
- Taylor directly owns 95,632.008 shares of common stock.
- Taylor indirectly owns 5,279.92 shares through a savings plan.
- 40,654.509 performance-adjusted RSUs were acquired, which will vest on March 1, 2024, subject to continued service, and are payable 2/3 in company common stock and 1/3 in cash.
- The report also includes holdings of phantom stock, which are settled in cash upon retirement or termination of employment, with amounts of 20,823.9, 6,187.48, 21,679.29, 21,125.83, 16,006.34, 11,192.27, 5,215.38 and 36,833.08 shares.
- The balance of common stock has been updated to include shares acquired through dividend reinvestments and to correct a prior reported balance.
- The number of shares held in the 401(k) Savings Plan is an estimate as of January 31, 2025.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing. The sentiment is neutral as it primarily reports changes in ownership without expressing positive or negative outlooks.
Positives
- The reporting of RSU acquisitions indicates a potential future increase in ownership stake, aligning executive interests with company performance.
Future Outlook
The RSUs will vest on March 1, 2024, subject to continued service, and are payable 2/3 in company common stock and 1/3 in cash.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Comparison to Industry Standards
- Executive compensation packages often include RSUs and phantom stock to align management's interests with shareholder value, a common practice among publicly traded companies like FirstEnergy.
- Utilities such as Duke Energy and Exelon also utilize similar equity-based compensation plans for their executives.
Stakeholder Impact
- The report provides transparency to shareholders regarding the ownership stake of a key executive.
Key Dates
| Date | Description |
|---|---|
| March 5, 2024 | Date of prior Form 4 filing with an inadvertent error. |
| March 1, 2024 | Vesting date for the 40,654.509 performance-adjusted RSUs, generally subject to continued service. |
| January 31, 2025 | Date for the estimate of the number of shares of the Company's common stock held in the unitized stock fund as allocated to the reporting person's account. |
| February 5, 2025 | Date the Company's Board of Directors certified the satisfaction of the performance goals for the RSUs. |
| February 5, 2025 | Date of the earliest transaction reported. |
| February 7, 2025 | Date of the signature on the report. |
Keywords
Form 4, beneficial ownership, FirstEnergy Corp, K. Jon Taylor, common stock, RSU, phantom stock, dividend reinvestments, 401(k) Savings Plan
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