4/A: LoanDepot CEO Frank Martell Amends SEC Filing to Correct Transaction Date and Price
SEC Form 4/A (Amendment to Statement of Changes in Beneficial Ownership)
Frank Martell, CEO and President of LoanDepot, amends a previous SEC Form 4 filing to correct the transaction date and price related to the disposal of Class A Common Stock and Restricted Stock Units.
Summary
- Frank Martell, CEO and President of LoanDepot, filed an amendment to a previous SEC Form 4 filing.
- The amendment corrects the transaction date from April 30, 2024, to May 1, 2024.
- The amendment also corrects the price of securities disposed of to $2.14.
- On May 1, 2024, Martell acquired 250,000 shares of Class A Common Stock through the vesting of Restricted Stock Units (RSUs).
- Also on May 1, 2024, Martell disposed of 126,700 shares of Class A Common Stock to cover tax liabilities related to the RSU vesting at a price of $2.14.
- Following these transactions, Martell directly owns 257,872 shares of Class A Common Stock.
- Martell also indirectly owns 508,609 shares of Class A Common Stock through The Frank D. and Donna M. Martell Family Trust.
- Martell directly owns 500,000 Restricted Stock Units.
- The RSUs are scheduled to vest in two tranches of 250,000 each on April 27, 2025, and April 27, 2026.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing correcting an administrative error. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Future Outlook
The document outlines the vesting schedule for the remaining RSUs, with 250,000 units vesting on each of April 27, 2025, and April 27, 2026.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the transactions of key personnel and their holdings in the company.
Stakeholder Impact
- Shareholders are informed about the CEO's stock transactions and holdings.
- The filing ensures transparency and compliance with SEC regulations.
Key Dates
| Date | Description |
|---|---|
| 08/17/20 | Date of establishment of The Frank D. and Donna M. Martell Family Trust |
| 04/27/2024 | Original filing date of Form 4 (amended) |
| 04/30/2024 | Original Form 4 filed |
| 05/01/2024 | Corrected transaction date for stock acquisition and disposal |
| 05/03/2024 | Date of amended filing |
| 04/27/2025 | Vesting date for 250,000 RSUs |
| 04/27/2026 | Vesting date for 250,000 RSUs |
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