Form 4: FirstEnergy Director Leslie M. Turner Reports Acquisition of Common Stock and Phantom Stock Units

Director Leslie M. Turner reports acquiring common stock and phantom stock units in FirstEnergy Corp. through director compensation and dividend reinvestments.

Summary

• On April 1, 2024, Leslie M. Turner, a director of FirstEnergy Corp., acquired 4,497 shares of common stock.
• Turner also acquired 1,043 phantom stock units on the same date.
• These phantom stock units were acquired as part of director compensation under the FirstEnergy Corp. 2020 Incentive Compensation Plan and deferred under the Deferred Compensation Plan for Outside Directors.
• Each phantom stock unit is economically equivalent to one share of common stock and can be settled in cash or shares upon conclusion of service as a director.
• Following these transactions, Turner beneficially owns 19,161.028 derivative securities, which includes phantom stock units acquired through dividend reinvestments.

Sentiment

Score: 7

Explanation: The document reflects standard director compensation practices and insider trading reporting, indicating a neutral to slightly positive sentiment due to alignment with corporate governance norms.

Industry Context

This filing is a routine disclosure of a director's stock transactions, which is common in publicly traded companies. It provides transparency to investors regarding the holdings and transactions of company insiders.

Comparison to Industry Standards

• Director compensation in the form of stock and phantom stock units is a common practice among publicly traded companies, including those in the utilities sector like Duke Energy and Southern Company.
• The FirstEnergy Corp. Deferred Compensation Plan for Outside Directors is similar to deferred compensation plans offered by other large corporations to attract and retain qualified board members.
• The reporting requirements under Section 16(a) of the Securities Exchange Act of 1934 are standard across all publicly traded companies in the United States.

Stakeholder Impact

• The disclosure provides transparency to shareholders regarding director compensation and stock ownership.
• The transactions have a minimal direct impact on employees, customers, suppliers, and creditors.

Key Dates