Form 4: KeyCorp CEO Christopher Gorman Reports Stock Transactions
SEC Form 4 Filing
KeyCorp CEO Christopher M. Gorman reports the vesting and disposal of restricted stock units and transactions involving common shares.
Summary
- Christopher M. Gorman, CEO of KeyCorp, reported transactions involving KeyCorp common shares and restricted stock units on February 24, 2024.
- He disposed of 20,591 common shares upon the vesting of restricted stock units.
- He also disposed of 9,338 common shares to cover tax obligations at a price of $14.26 per share.
- Following these transactions, Gorman directly owns 933,225 common shares.
- He also indirectly owns 180,000 common shares through a grantor retained annuity trust (GRAT) and 4,813 shares through a 401(k) plan.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, which carries a neutral sentiment. It reflects routine executive compensation activity.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, which is common practice and required by the SEC to ensure transparency and prevent insider trading.
Comparison to Industry Standards
- Executive stock transactions are a common occurrence in publicly traded companies.
- Similar filings are made by executives at comparable financial institutions like Bank of America, Citigroup, and Wells Fargo.
- The size and frequency of these transactions are generally related to the executive's compensation package and company performance.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, as they represent a small percentage of the total outstanding shares.
- The filing provides transparency to stakeholders regarding executive compensation and ownership.
Key Dates
| Date | Description |
|---|---|
| 02/14/2024 | Shares held in 401(k) plan reported as of this date. |
| 02/24/2020 | Date restricted stock units were granted, vesting in four equal annual installments. |
| 02/24/2024 | Date of the reported transactions: vesting of restricted stock units and disposal of shares. |
| 02/27/2024 | Date of signature on the Form 4 filing. |
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