Form 4: Lumen Technologies SVP and Controller Andrea Genschaw Reports Changes in Beneficial Ownership

Andrea Genschaw, SVP and Controller of Lumen Technologies, reports acquisition and disposal of common stock, including vesting of restricted stock and forfeiture of performance-based shares.

Summary

• On March 1, 2024, Andrea Genschaw, SVP and Controller of Lumen Technologies, reported changes in beneficial ownership of Lumen Technologies common stock.
• She acquired 177,294 shares of common stock through a time-based restricted stock grant that will vest in three equal annual installments beginning on March 1, 2025.
• 14,439 shares were disposed of to cover taxes due upon the vesting of equity awards at a price of $1.62 per share.
• 14,690 performance-based restricted shares or RSUs granted on February 24, 2021, were forfeited on March 1, 2024, for failing to achieve the three-year performance metrics.
• Following these transactions, Genschaw directly owns 466,410 shares of common stock and indirectly owns 3,560 shares through an IRA.

Sentiment

Score: 5

Explanation: The document primarily reflects routine transactions related to executive compensation. The forfeiture of performance-based shares is a slightly negative signal, but overall, the sentiment is neutral.

Positives

• The acquisition of 177,294 shares through a time-based restricted stock grant indicates continued alignment with the company's long-term success.

Negatives

• The forfeiture of 14,690 performance-based restricted shares suggests that certain performance goals were not met.

Risks

• The forfeiture of performance-based shares could indicate potential challenges in achieving specific company targets.
• Tax liabilities arising from vesting equity awards may impact the executive's overall holdings.

Future Outlook

The time-based restricted stock grant will vest in three equal annual installments beginning on March 1, 2025.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.

Comparison to Industry Standards

• Executive compensation packages often include a mix of time-based and performance-based equity awards.
• The vesting schedules and performance metrics associated with these awards are typically aligned with industry standards and company-specific goals.
• Companies like Verizon and AT&T also use similar equity compensation strategies for their executives.

Stakeholder Impact

• Shareholders may be interested in the vesting and forfeiture of shares as it relates to executive compensation and company performance.
• Employees may view the forfeiture of performance-based shares as an indicator of the difficulty in achieving certain company goals.

Key Dates