FE.NYSEFirstenergy CORP

Form 4: FirstEnergy Executive Allan Wade Smith Reports Stock Transactions

Sentiment:

SEC Form 4

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Allan Wade Smith, President of FE Utilities at FirstEnergy Corp, reports the vesting and tax withholding of restricted stock units (RSUs) and changes in common stock holdings.

Summary

  • On March 1, 2024, Allan Wade Smith, President of FE Utilities at FirstEnergy Corp, reported transactions involving FirstEnergy Corp common stock.
  • 8,665 restricted stock units (RSUs) vested, each representing a contingent right to receive common stock.
  • The vesting of these RSUs was performance-adjusted and certified by the Company's Board of Directors on February 7, 2024.
  • 3,930 shares of common stock were automatically withheld to cover tax obligations associated with the vesting of the RSUs at a price of $36.305 per share.
  • Smith's direct holdings of common stock after these transactions totaled 98,292 shares.
  • Smith also indirectly holds 70,988 shares through the Company's 401(k) Savings Plan as of February 29, 2024.

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices and stock ownership reporting, suggesting a neutral to slightly positive sentiment due to the achievement of performance goals.

Positives

  • The vesting of RSUs indicates that performance goals were met, as certified by the Board of Directors on February 7, 2024.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.

Comparison to Industry Standards

  • Executive compensation packages often include restricted stock units (RSUs) that vest upon achieving certain performance goals.
  • Tax withholding practices related to RSU vesting are standard across publicly traded companies.
  • Executive stock ownership is generally viewed positively as it aligns management's interests with those of shareholders.
  • Companies like Duke Energy, Exelon, and Southern Company also utilize similar compensation structures for their executives.

Stakeholder Impact

  • The vesting of RSUs and executive stock ownership can positively influence shareholder confidence.
  • Executive compensation practices can impact employee morale and perception of fairness.

Key Dates

DateDescription
February 7, 2024Company's Board of Directors certified the satisfaction of the performance goals for the RSUs.
February 9, 2024Previous Form 4 filed reporting the certification of performance goals.
February 29, 2024Date for the estimate of shares held in the 401(k) Savings Plan.
March 1, 2024Date of RSU vesting and stock transactions.
March 5, 2024Date of signature on the Form 4 filing.

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