Form 4: Franklin Electric Executive Chairperson Transfers Shares Between Trusts
SEC Form 4 Filing
Gregg C Sengstack, Executive Chairperson of Franklin Electric, transferred 56,900 shares from his spouse's special trust to his spouse, with no sale of shares occurring.
Summary
- Gregg C Sengstack, the Executive Chairperson of Franklin Electric, filed a Form 4 detailing changes in his beneficial ownership of company stock.
- The primary transaction involved the transfer of 56,900 common shares from Mr. Sengstack's spouse's special trust to his spouse directly.
- This transfer did not involve any exchange of funds or sale of shares.
- Mr. Sengstack also indirectly holds shares through various trusts, including the Dianne Sengstack 2024 Special Trust, the Gregg Sengstack 2020 Dynasty Trust, and the Dianne Sengstack 2020 Dynasty Trust.
- Additionally, he holds shares through the Sengstack Family Foundation.
- Mr. Sengstack directly owns 127,075 shares, which includes 11,436 restricted stock units vesting on 2/22/2027, 11,069 restricted stock units vesting on 2/16/2026, and 14,303 restricted stock units vesting on 2/24/2025, and 90,267 shares owned outright.
Sentiment
Score: 5
Explanation: The document is a neutral disclosure of share transfers, with no indication of positive or negative sentiment.
Industry Context
This filing is a routine disclosure of changes in beneficial ownership by a company executive, which is a common practice in publicly traded companies.
Comparison to Industry Standards
- Form 4 filings are standard practice for corporate insiders in the US, and this filing is consistent with those requirements.
- The transfer of shares between trusts is a common estate planning strategy for high-net-worth individuals, including corporate executives.
Stakeholder Impact
- The share transfer has no immediate impact on shareholders, employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 11/12/2024 | Date of the share transfer transaction. |
| 2/24/2025 | Vesting date for 14,303 restricted stock units. |
| 2/16/2026 | Vesting date for 11,069 restricted stock units. |
| 2/22/2027 | Vesting date for 11,436 restricted stock units. |
| 11/14/2024 | Date the Form 4 was signed. |
Keywords
Form 4, Beneficial Ownership, Share Transfer, Executive Chairperson, Franklin Electric, Stock Ownership, Trusts, Restricted Stock Units
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.