Form 4: Glatfelter Corp Executive Jill L. Urey Reports Stock Transactions
SEC Form 4 Filing
Jill L. Urey, VP, GC & Compliance at Glatfelter Corp, reports acquisition and disposal of common stock and restricted stock units on February 24, 2024.
Summary
- On February 24, 2024, Jill L. Urey, VP, GC & Compliance at Glatfelter Corp, reported transactions involving the company's stock.
- Urey acquired 2,667 shares of common stock through the vesting of restricted stock units (RSUs).
- Simultaneously, Urey disposed of 890 shares to satisfy tax obligations at a price of $2.01 per share.
- Following these transactions, Urey directly owns 11,951 shares of Glatfelter Corp.
- Urey also owns 5,333 derivative securities in the form of Restricted Stock Units.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing represents routine transactions related to executive compensation and tax obligations.
Positives
- The vesting of restricted stock units indicates a form of compensation and alignment of the executive's interests with the company's performance.
Negatives
- The disposal of shares to cover tax obligations, while routine, represents a reduction in the executive's holdings.
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 restricted stock units (RSUs) as a way to align management's interests with those of shareholders.
- The vesting schedules for RSUs typically range from one to five years, with one-third vesting on 2/24/2024 and the final one-third vesting on 2/24/2026 being within the typical range.
- Companies like International Paper and Domtar, which operate in similar industries, also utilize RSUs as part of their executive compensation plans.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they are related to executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 02/24/2023 | Date of the SET RSU Grant. |
| 02/23/2024 | Closing price of the previous business day Friday, February 23, 2024, used to determine the value of the shares. |
| 02/24/2024 | Date of the reported transactions: acquisition of stock through RSU vesting and disposal of stock for tax obligations. |
| 02/24/2024 | First one-third vesting of the SET RSU 2/24/2023 Grant. |
| 02/24/2026 | Final one-third vests, and all restrictions lapse, on 2/24/2026. |
| 02/27/2024 | Date of signature on the Form 4 filing. |
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