Form 4: Northern Trust EVP Susan Cohen Levy Reports Stock Transactions
SEC Form 4
EVP and General Counsel of Northern Trust, Susan Cohen Levy, reports the acquisition and disposal of company stock, including transactions related to grantor retained annuity trusts (GRATs) and the exercise of employee stock options.
Summary
- Susan Cohen Levy, EVP and General Counsel of Northern Trust, filed a Form 4 detailing changes in beneficial ownership of Northern Trust Corp [NTRS] stock.
- On October 25, 2024, Levy exercised an employee stock option to acquire 19,585 shares at $70.21 per share and sold the same amount at a weighted average price of $102.26.
- The transactions also involve shares held in various grantor retained annuity trusts (GRATs).
- The reporting person's 2022 GRAT distributed 18,966 shares of the Corporation's common stock to the reporting person's existing brokerage account as a final annuity payment on June 13, 2024.
- The reporting person's 2023 GRAT distributed 19,000 shares of the Corporation's common stock to the reporting person's existing brokerage account as an annuity payment on June 13, 2024.
- On August 12, 2024, 55,726 shares of the Corporation's common stock were transferred into a newly created 2024 GRAT.
- The report also corrects a previous error regarding the distribution and transfer of shares related to the 2022 and 2023 GRATs, clarifying that the transactions occurred from the reporting person's existing brokerage account, not the existing irrevocable trust.
- Following the reported transactions, Levy directly owns 17,132 shares and indirectly owns shares through 2022, 2023, and 2024 GRATs, as well as an irrevocable trust.
Sentiment
Score: 5
Explanation: The document is a routine filing of stock transactions, so the sentiment is neutral.
Industry Context
Form 4 filings are standard practice for company insiders to report transactions in their company's stock, providing transparency to investors.
Stakeholder Impact
- The transactions provide information to shareholders regarding insider activity.
Key Dates
| Date | Description |
|---|---|
| 02/17/2016 | Employee stock option became exercisable in four equal annual installments. |
| June 9, 2023 | Correction: Previously reported incorrect date for distribution from 2022 GRAT. |
| June 12, 2023 | Correction: Previously reported incorrect date for transfer into 2023 GRAT. |
| June 13, 2024 | 2022 GRAT distributed 18,966 shares to reporting person's brokerage account. |
| June 13, 2024 | 2023 GRAT distributed 19,000 shares to reporting person's brokerage account. |
| August 12, 2024 | 55,726 shares transferred into 2024 GRAT. |
| 10/25/2024 | Exercise of employee stock option and sale of shares. |
| 02/17/2025 | Expiration date of employee stock option. |
| 10/29/2024 | Date of Form 4 filing. |
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