Form 4: Graham Corp CEO Daniel J. Thoren Reports Stock Disposals to Cover Tax Obligations
SEC Form 4 Filing
Daniel J. Thoren, President and CEO of Graham Corporation, reported the disposal of common stock to cover tax withholding obligations related to vesting restricted stock units.
Summary
- Daniel J. Thoren, the President and CEO of Graham Corporation, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On June 1, 2024, Thoren disposed of 716, 4,297, and 6,442 shares of common stock at a price of $27.05 per share to cover tax withholding obligations.
- These disposals were related to the vesting of restricted stock awards granted on June 1, 2021, and September 1, 2021.
- Following these transactions, Thoren directly owns 326,266 shares of Graham Corporation common stock.
- Thoren also holds 8,140 and 12,177 restricted stock units that convert into common stock on a one-for-one basis, vesting at various dates in the future.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment.
Future Outlook
The document outlines future vesting dates for the remaining restricted stock units held by Daniel J. Thoren.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The sale of shares to cover tax obligations upon vesting of equity awards is a common practice.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time.
- The practice of selling shares to cover tax obligations is standard across publicly traded companies.
- Companies like Flowserve, ITT, and CIRCOR International, which operate in similar industrial sectors, also have executives who regularly report stock transactions via Form 4 filings.
Stakeholder Impact
- The stock disposal has a minor dilutive effect on existing shareholders.
- The transactions are part of the executive compensation plan, impacting employee benefits and incentives.
Key Dates
| Date | Description |
|---|---|
| 06/01/2021 | Date of restricted stock award grant related to some of the disposed shares. |
| 09/01/2021 | Date of performance stock award grant related to some of the disposed shares. |
| 05/23/2023 | Vesting date for a portion of the restricted stock units. |
| 05/17/2024 | Vesting date for a portion of the restricted stock units. |
| 05/23/2024 | Vesting date for a portion of the restricted stock units. |
| 06/01/2024 | Date of stock disposal to cover tax obligations. |
| 06/04/2024 | Date of Form 4 filing. |
| 05/23/2025 | Future vesting date for restricted stock units. |
| 05/17/2025 | Future vesting date for restricted stock units. |
| 05/17/2026 | Future vesting date for restricted stock units. |
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