Form 4: KeyCorp Executive Paine Andrew J III Reports Stock Transactions
SEC Form 4 Filing
Andrew J. Paine III, Head of Institutional Bank at KeyCorp, reports the vesting and subsequent disposition of restricted stock units, along with adjustments to his beneficial ownership of KeyCorp common shares.
Summary
- On February 24, 2024, Andrew J. Paine III, Head of Institutional Bank at KeyCorp, reported transactions involving KeyCorp common shares.
- 14,800 restricted stock units vested, which were then converted into common shares.
- 6,712 shares were disposed of to cover tax obligations at a price of $14.26 per share.
- Following these transactions, Paine directly owns 228,474 common shares.
- He also has indirect ownership through a spouse (18,514 shares), Paine Investments LP (445 shares), a 401(k) plan (24,066 shares), and a GRAT (135,000 shares).
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, so the sentiment is neutral.
Industry Context
Form 4 filings are a routine part of regulatory compliance for corporate insiders and provide transparency into their transactions in company stock. This filing indicates the executive's transactions and holdings in KeyCorp.
Stakeholder Impact
- The transactions reported may have a minor impact on shareholders due to the change in insider ownership.
Key Dates
| Date | Description |
|---|---|
| 02/24/2020 | Date restricted stock units were granted, vesting in four equal annual installments. |
| 02/14/2024 | Date as of which shares held by 401k plan were reported. |
| 02/24/2024 | Date of the reported transactions: vesting of restricted stock units and disposition of shares for tax obligations. |
| 02/27/2024 | Date of the Form 4 filing. |
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