Form 4: NewMarket Corp Director Lowell Ukrop Receives Annual Stock Grant
SEC Form 4 Filing
Director Lowell Ukrop received 193 shares of NewMarket Corporation common stock as an annual grant on July 1, 2024.
Summary
- On July 1, 2024, Lowell Simmons Ukrop, a director of NewMarket Corporation, acquired 193 shares of common stock.
- This acquisition was part of an annual stock grant for non-employee directors under the NewMarket Corporation 2023 Incentive Compensation and Stock Plan.
- The shares were acquired at a price of $0.
- Following the transaction, Ukrop's beneficial ownership of NewMarket Corporation common stock increased by 193 shares.
Sentiment
Score: 7
Explanation: The document reflects a routine transaction (stock grant) and doesn't contain any alarming information. It's a neutral event with a slightly positive implication for corporate governance.
Positives
- The stock grant aligns the interests of non-employee directors with those of shareholders.
- The grant is part of a pre-existing compensation plan, providing transparency and predictability.
Industry Context
Stock grants to non-employee directors are a common practice in corporate governance to incentivize and align their interests with the company's long-term performance.
Comparison to Industry Standards
- Stock grants to non-employee directors are a common practice across various industries.
- The number of shares granted and the specific terms of the incentive plan would need to be compared to those of peer companies to assess whether the grant is in line with industry standards.
- Companies like Lubrizol (a Berkshire Hathaway company) and Afton Chemical (a subsidiary of NewMarket Corporation) also likely have similar compensation structures for their board members, although details are not always publicly available.
Stakeholder Impact
- The stock grant aligns the interests of the director with those of the shareholders, potentially leading to better corporate governance and decision-making.
- The grant has a minor dilutive effect on existing shareholders.
Key Dates
| Date | Description |
|---|---|
| 2023-10-16 | Date of Power of Attorney execution, authorizing Anne-Marie M. Anderson and Bryce D. Jewett, III to act on behalf of Lowell S. Ukrop for SEC filings. |
| 2024-07-01 | Date of the transaction: Lowell Ukrop acquired 193 shares of NewMarket Corporation common stock. |
| 2024-07-02 | Date of the Form 4 filing. |
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