Form 4: KeyCorp CEO Christopher Gorman Executes Stock Options and Sells Shares
SEC Form 4 Filing
KeyCorp's CEO, Christopher Gorman, exercised stock options and sold shares on February 13, 2025, according to a Form 4 filing with the SEC.
Summary
- On February 13, 2025, Christopher M. Gorman, Chairman and CEO of KeyCorp, exercised options to purchase 57,736 common shares at a price of $14.11 per share.
- Simultaneously, Gorman sold 57,736 common shares at a weighted average price of $17.46, with individual transactions ranging from $17.46 to $17.47.
- Following these transactions, Gorman directly owns 799,718 common shares.
- Gorman also indirectly owns 200,000 shares through a Grantor Retained Annuity Trust (GRAT), 126,645 shares through another GRAT, and 5,060 shares through a 401(k) plan as of February 14, 2025.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of insider transactions. It doesn't inherently indicate positive or negative sentiment about the company's prospects.
Industry Context
This filing is a routine disclosure of insider transactions. It's common for executives to exercise stock options and sell shares for personal financial management. The market will likely interpret this based on the overall volume and context of KeyCorp's performance.
Comparison to Industry Standards
- Executive compensation practices, including stock options, are common across the financial services industry.
- Comparing Gorman's holdings and transactions to those of CEOs at peer banks like PNC, US Bancorp, and Truist would provide a better understanding of whether these actions are typical.
- The use of GRATs for estate planning is also a common practice among high-net-worth individuals, including executives.
Stakeholder Impact
- The transactions could have a minor impact on shareholders if they interpret the sale as a lack of confidence, although this is unlikely given the routine nature of option exercises and sales.
- There is no direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 02/17/2019 | Date when the option vested in four equal annual installments. |
| 02/13/2025 | Date of the transaction: exercise of options and sale of shares. |
| 02/14/2025 | Date as of which 401(k) plan shares are reported. |
| 02/16/2025 | Expiration date of the options exercised. |
| 02/18/2025 | Date of signature on the Form 4 filing. |
Keywords
KeyCorp, Christopher Gorman, stock options, Form 4, SEC, share sale, insider trading, beneficial ownership, GRAT, 401(k)
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